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Published: Nov, 2014 | Pages:
79 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis Reinsurance plays a major role in the Chilean insurance industry, especially for catastrophe exposure, as domestic insurers do not generally have the capital to mitigate these risks. The Chilean reinsurance segment is open to foreign insurers, as there is a negligible number of locally established reinsurers in the country. Non-life insurers cede the largest proportion of premium to reinsurers, while facultative reinsurance was the leading reinsurance category, contributing 60.1% of the segment’s gross written premium in 2013. The high participation of reinsurers is projected to continue over the forecast period (2013–2018), due to the high catastrophic risk underlying the country. The increasing awareness of insurers is further expected to support the segment’s growth, which is projected to rise at a forecast-period compound annual growth rate (CAGR) of 11.0% to value CLP47.6 billion (US$95.2 million) by 2018. Summary The report provides in-depth market analysis, information and insights into the Chilean reinsurance segment, including: • The Chilean reinsurance segment's growth prospects by reinsurance category • Key trends and drivers for the reinsurance segment • Chilean reinsurance segment’s growth prospects by reinsurance ceded from direct insurance • The competitive landscape in the Chilean reinsurance segment Scope This report provides a comprehensive analysis of the reinsurance segment in Chile : • It provides historical values for Chile ’s reinsurance segment for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period. • It offers a detailed analysis of the key categories in Chile’s reinsurance segment, along with market forecasts until 2018. • It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Chile and its growth prospects. Reasons To Buy • Make strategic business decisions using in-depth historic and forecast market data related to the Chilean reinsurance segment and each sector within it • Understand the demand-side dynamics, key market trends and growth opportunities in the Chilean reinsurance segment • Identify the growth opportunities and market dynamics in key product categories • Gain insights into key regulations governing the Chilean insurance industry, and their impact on companies and the industry's future Key Highlights • Reinsurance plays a major role in the Chilean insurance industry, especially for catastrophe exposure, as domestic insurers do not generally have the capital to mitigate these risks. • The treaty reinsurance category accounted for 26.5% of the reinsurance premium in 2013, while the facultative reinsurance category accounted for the remaining 74.5%. • Non-life insurers cede the largest proportion of premium to reinsurers, while facultative reinsurance was the leading reinsurance category, contributing 60.1% of the segment’s gross written premium in 2013. • The segment is open to foreign insurers, as there are a negligible number of locally established reinsurers in the country. • Domestic insurers do not have the required capital to cover larger risk, much of which is transferred to international reinsurers with greater resources.
Table of Contents 1 Executive Summary 2 Introduction 2.1 What is this Report About? 2.2 Definitions 2.3 Methodology 3 Chilean Insurance Industry Attractiveness 3.1 Insurance Industry Size, 2009–2018 4 Reinsurance Growth Dynamics and Challenges 4.1 Reinsurance Segment Size, 2009–2018 4.2 Reinsurance Segment Size by Type of Insurance, 2009–2018 5 Key Trends and Drivers 5.1 Fundamental Business Drivers 5.2 Life Insurance Drivers 5.3 Non-Life Insurance Drivers 5.4 Personal Accident and Health Insurance Drivers 6 Competitive Landscape and Strategic Insights 6.1 Overview 6.2 Leading Companies in the Chilean Reinsurance Segment 6.3 Caja Reaseguradora de Chile SA – Company Overview 6.3.1 Caja Reaseguradora de Chile SA – key facts 6.4 MetLife Chile Reaseguros de Vida SA – Company Overview 6.4.1 MetLife Chile Reaseguros de Vida SA – key facts 6.5 Munich Re America – Company Overview 6.5.1 Munich Re America – key facts 7 Business Environment and Country Risk 7.1 Business Confidence 7.1.1 Market capitalization trend – Santiago Stock Exchange, Chile 7.2 Economic Performance 7.2.1 GDP at constant prices (US$) 7.2.2 GDP per capita at constant prices (US$) 7.2.3 GDP at current prices (US$) 7.2.4 GDP per capita at current prices (US$) 7.2.5 GDP by key segments 7.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$) 7.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP 7.2.8 Manufacturing net output at current prices (US$) 7.2.9 Manufacturing net output at current prices as a percentage of GDP 7.2.10 Mining, manufacturing and utilities at current prices (US$) 7.2.11 Mining, manufacturing and utilities at current prices as a percentage of GDP 7.2.12 Construction net output at current prices (US$) 7.2.13 Construction net output at current prices as a percentage of GDP 7.2.14 Inflation rate 7.2.15 Exports as a percentage of GDP 7.2.16 Imports as a percentage of GDP 7.2.17 Merchandise exports growth 7.2.18 Merchandise imports growth 7.2.19 Annual average exchange rate CLP–US$ 7.3 Infrastructure 7.3.1 Commercial vehicles exports – total value 7.3.2 Commercial vehicles imports – total value 7.3.3 Automotive exports – total value 7.3.4 Automotive imports – total value 7.3.5 Total internet subscribers 7.4 Labor Force 7.4.1 Labor force 7.4.2 Unemployment rate 7.5 Demographics 7.5.1 Gross national disposable income (US$) 7.5.2 Household consumption expenditure (US$) 7.5.3 Total population 7.5.4 Urban and rural populations 7.5.5 Age distribution of the total population 8 Appendix 8.1 Methodology 8.2 Contact Timetric 8.3 About Timetric 8.4 Timetric’s Services 8.5 Disclaimer
List of Tables Table 1: Insurance Industry Definitions Table 2: Chilean Insurance – Gross Written Premium by Segment (CLP Trillion), 2009–2013 Table 3: Chilean Insurance – Gross Written Premium by Segment (US$ Billion), 2009–2013 Table 4: Chilean Insurance – Gross Written Premium by Segment (CLP Trillion), 2013–2018 Table 5: Chilean Insurance – Gross Written Premium by Segment (US$ Billion), 2013–2018 Table 6: Chilean Insurance – Segmentation, Gross Written Premium (% Share), 2009–2018 Table 7: Chilean Insurance – Direct Written Premium by Segment (CLP Trillion), 2009–2013 Table 8: Chilean Insurance – Direct Written Premium by Segment (US$ Billion), 2009–2013 Table 9: Chilean Insurance – Direct Written Premium by Segment (CLP Trillion), 2013–2018 Table 10: Chilean Insurance – Direct Written Premium by Segment (US$ Billion), 2013–2018 Table 11: Chilean Insurance – Direct Written Premium by Segment (% Share), 2009–2018 Table 12: Chilean Reinsurance – Premium Accepted by Category (CLP Billion), 2009–2013 Table 13: Chilean Reinsurance – Premium Accepted by Category (US$ Million), 2009–2013 Table 14: Chilean Reinsurance – Premium Accepted by Category (CLP Billion), 2013–2018 Table 15: Chilean Reinsurance – Premium Accepted by Category (US$ Million), 2013–2018 Table 16: Chilean Reinsurance – Premium Ceded by Type of Insurance (CLP Billion), 2009–2013 Table 17: Chilean Reinsurance – Premium Ceded by Type of Insurance (US$ Million), 2009–2013 Table 18: Chilean Reinsurance – Premium Ceded by Type of Insurance (CLP Billion), 2013–2018 Table 19: Chilean Reinsurance – Premium Ceded by Type of Insurance (US$ Million), 2013–2018 Table 20: Chilean Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Table 21: Chilean Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Table 22: Chilean Non-Life Insurance – Percentage of Reinsurance Ceded, 2009–2013 Table 23: Chilean Non-Life Insurance – Percentage of Reinsurance Ceded, 2013–2018 Table 24: Chilean Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Table 25: Chilean Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Table 26: Numbers of Insurance Providers in Chile, 2008–2012 Table 27: Leading Reinsurers in the Chilean Reinsurance Segment Table 28: Caja Reaseguradora de Chile SA, Key Facts Table 29: MetLife Chile Reaseguros de Vida SA, Key Facts Table 30: Munich Re America, Key Facts List of Figures Figure 1: Chilean Insurance – Gross Written Premium by Segment (CLP Trillion), 2009–2018 Figure 2: Chilean Insurance – Dynamics by Segment, Gross Written Premium (2009–2018) Figure 3: Chilean Insurance – Direct Written Premium by Segment (CLP Billion), 2009–2018 Figure 4: Chilean Insurance – Direct Written Premium Dynamics by Segment, (2009–2018) Figure 5: Chilean Reinsurance – Premium Accepted by Category (CLP Billion), 2009–2018 Figure 6: Chilean Reinsurance – Premium Accepted by Category (% Share), 2013 and 2018 Figure 7: Chilean Reinsurance – Premium Accepted Dynamics by Category, 2009–2018 Figure 8: Chilean Reinsurance – Premium Ceded by Type of Insurance (CLP Billion), 2009–2018 Figure 9: Chilean Reinsurance – Premium Ceded Dynamics by Type of Insurance, 2009–2018 Figure 10: Chilean Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Figure 11: Chilean Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Figure 12: Chilean Non-Life Insurance – Percentage of Reinsurance Ceded, 2009–2013 Figure 13: Chilean Non-Life Insurance – Percentage of Reinsurance Ceded, 2013–2018 Figure 14: Chilean Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013 Figure 15: Chilean Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018 Figure 16: Chile, Santiago Stock Exchange Market Capitalization (US$ Billion), 2008–2012 Figure 17: Chilean GDP at Constant Prices (US$ Billion), 2008–2012 Figure 18: Chilean GDP Per Capita at Constant Prices (US$), 2008–2012 Figure 19: Chilean GDP at Current Prices (US$ Billion), 2008–2012 Figure 20: Chilean GDP Per Capita at Current Prices (US$), 2008–2012 Figure 21: Chilean GDP by Key Segments (%) 2007 and 2011 Figure 22: Chilean Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2007–2011 Figure 23: Chilean Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011 Figure 24: Chilean Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011 Figure 25: Chilean Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011 Figure 26: Chilean Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011 Figure 27: Chilean Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2011 Figure 28: Chilean Construction Net Output at Current Prices (US$ Billion), 2007–2011 Figure 29: Chilean Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011 Figure 30: Chilean Inflation Rate (%), 2008–2012 Figure 31: Chilean Exports as a Percentage of GDP (%), 2008–2012 Figure 32: Chilean Imports as a Percentage of GDP (%), 2008–2012 Figure 33: Chilean Merchandise Exports Growth (%), 2008–2012 Figure 34: Chilean Merchandise Imports Growth (%), 2008–2012 Figure 35: Chilean Annual Average Exchange Rate US$–CLP, 2008–2012 Figure 36: Chilean Commercial Vehicles Exports – Total Value (US$ Million), 2007–2011 Figure 37: Chilean Commercial Vehicles Imports – Total Value (US$ Billion), 2007–2011 Figure 38: Chilean Automotive Exports – Total Value (US$ Billion), 2007–2011 Figure 39: Chilean Automotive Imports – Total Value (US$ Billion), 2007–2011 Figure 40: Chilean Total Internet Subscriptions (Millions), 2007–2011 Figure 41: Chilean Size of Labor Force (Million), 2008–2012 Figure 42: Chilean Unemployment Rate (%), 2008–2012 Figure 43: Chilean Gross National Disposable Income (US$ Billion), 2008–2012 Figure 44: Chilean Household Consumption Expenditure (US$ Billion), 2008–2012 Figure 45: Chilean Total Population (Million), 2008–2012 Figure 46: Chilean Urban and Rural Populations (%), 2008–2012 Figure 47: Chilean Population Distribution by Age (%), 2008–2012
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