Jorge Claude, General Manager of the Association of Chilean Insurers, recently states that the organization expects results to improve in 2009 over 2008, based primarily on the expectation that it is unlikely Chile will see another economic collapse such as that seen in 2008.

In 2008, the Chilean insurance industry suffered combined losses of more than US $200 million dollars, attributable largely to investment losses in the life insurance sector.  Despite the organization’s own prediction that the premium growth will remain stable at 0% in 2009, down from a prior 3% premium growth prediction and lower than the Banco Central’s 1.2% GDP growth prediction , Mr. Claude still predicts that improved investment performance will yield better overall results across all lines of the Chilean insurance industry. 

Total premiums increased by 8.7% in Chile in 2008, with 6.1% premium growth in the life sector (to US $3.8 billion) and 14.1% premium growth in the general insurance sector (to US $2.0 billion).  Premium per capita also rose in Chile in 2008 to US $345, double the average in Latin America as a whole.  Chileans average three policies per person in 2008, with US $224 in premium per person dedicated to life insurance and another US $121 per person dedicated to general insurance.

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