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Reinsurance in Chile, Key Trends and Opportunities to 2019

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Date: 19-Nov-2015
No. of pages: 79
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Synopsis

Timetric's 'Reinsurance in Chile, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Chilean reinsurance segment. It provides values for key performance indicators such as written premium, reinsurance ceded and reinsurance accepted during the review period (2010-2014) and forecast period (2014-2019).

The report also analyses information pertaining to the competitive landscape in the country, gives a comprehensive overview of the Chilean economy and demographics and provides detailed analysis of natural hazards and its impact on the Chilean insurance industry.

The report brings together Timetric's research, modeling, and analysis expertise in order to enable reinsurers to identify segment dynamics and competitive advantages, and access profile of reinsurers operating in the country.

Summary

Timetric's 'Reinsurance in Chile, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Chilean reinsurance segment, including:

• The Chilean reinsurance segment's growth prospects by reinsurance ceded from direct insurance

• A comprehensive overview of the Chilean economy and demographics

• Detailed analysis of natural hazards and their impact on the Chilean insurance industry

• 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 the Chilean reinsurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

• It offers a detailed analysis of the key categories in the Chilean reinsurance segment, along with market forecasts until 2019.

• 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

• There were 133 foreign reinsurers and one domestic reinsurer operating in the segment as of 2014. There were total 57 reinsurance brokers operating in Chile in 2014, of which 32 were domestic and 22 were foreign.

• Due to the frequent occurrences of natural disasters, reinsurance plays a crucial role in the Chilean insurance industry, and forms an integral component of the country's risk management plans.

• Leading reinsurers include Caza Reseguradora, Metlife Chile Reseguros, Munich Re America, Ohio National Reseguros and Swiss Re.

• On June 19, 2015, AACH commissioned a new Chilean seismic risk map which was developed by seismic experts from South America, Japan, Norway and the US. The map aims to make more accurate calculations on insurance premium and reinsurance reserves.

Reinsurance in Chile, Key Trends and Opportunities to 2019

Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Reinsurance Growth Dynamics and Challenges
5.1 Reinsurance Segment Size, 2010-2019
5.2 Reinsurance Segment Size by Premium Ceded, 2010-2019
6 Key Industry Drivers
6.1 Reinsurance Drivers
6.2 Life Insurance Drivers
6.3 Non-Life Insurance Drivers
6.4 Personal Accident and Health Insurance Drivers
7 Natural Hazards
7.1 Floods
7.2 Earthquakes
7.3 Wildfires
7.4 Volcanoes
7.5 Exposure
8 Competitive Landscape and Strategic Insights
8.1 Overview
8.2 Leading Companies in the Chilean Reinsurance Segment
8.3 Caja Reaseguradora de Chile SA - Company Overview
8.4 MetLife Chile Reaseguros de Vida SA - Company Overview
8.5 Munich Re America - Company Overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Insurance for motor vehicles accidents
9.4.2 Pension insurance
9.4.3 Health insurance
9.4.4 Workmen's compensation insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Association of Insurance Supervisors Latin America
9.5.3 Superintendent of Security Markets and Insurance Companies
9.5.4 Insurance Association of Chile (AACH)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fees structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Insurance premium or policy taxation
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Appendix
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric's Services
10.5 Disclaimer

List of Tables
Table 1: Chilean Reinsurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Chilean Government Credit Ratings
Table 4: Chilean Reinsurance - Premium Accepted by Category (CLP Billion), 2010-2014
Table 5: Chilean Reinsurance - Premium Accepted by Category (CLP Billion), 2014-2019
Table 6: Chilean Reinsurance - Premium Ceded by Type of Insurance (CLP Billion), 2010-2014
Table 7: Chilean Reinsurance - Premium Ceded by Type of Insurance (US$ Million), 2010-2014
Table 8: Chilean Reinsurance - Premium Ceded by Type of Insurance (CLP Billion), 2014-2019
Table 9: Chilean Reinsurance - Premium Ceded by Type of Insurance (US$ Million), 2014-2019
Table 10: Chilean Life Insurance - Percentage of Reinsurance Ceded (%), 2010-2014
Table 11: Chilean Life Insurance - Percentage of Reinsurance Ceded (%), 2014-2019
Table 12: Chilean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2010-2014
Table 13: Chilean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2014-2019
Table 14: Chilean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2010-2014
Table 15: Chilean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2014-2019
Table 16: Chilean Average Annual Loss by Hazard (US$ Million)
Table 17: Leading Reinsurers in the Chilean Reinsurance Segment
Table 18: Caja Reaseguradora de Chile SA, Key Facts
Table 19: MetLife Chile Reaseguros de Vida SA, Key Facts
Table 20: Munich Re America, Key Facts
Table 21: Chile - Insurance Regulatory Framework Key Features
Table 22: Chile - Life Insurance Regulatory Framework
Table 23: Chile - Property Insurance Regulatory Framework
Table 24: Chile - Motor Insurance Regulatory Framework
Table 25: Chile - Liability Insurance Regulatory Framework
Table 26: Chile - Factors Used for Solvency Margin Calculation
Table 27: Chile - Corporate Tax Rates for the Financial Year 2015

List of Figures
Figure 1: Chilean Real GDP (CLP Trillion), 2010-2019
Figure 2: CLP-US$ Exchange Rate, 2010-2019
Figure 3: Chilean Consumer Price Inflation, 2010-2019
Figure 4: Chilean Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 5: Chilean Unemployment Rate, 2010-2019
Figure 6: Chilean Population by Age Group, 2010-2019
Figure 7: Chilean Population by Age Group, 1990-2025
Figure 8: Chilean Reinsurance - Premium Accepted by Category (CLP Billion), 2010-2019
Figure 9: Chilean Reinsurance - Premium Ceded by Type of Insurance (CLP Billion), 2010-2019
Figure 10: Chilean Reinsurance - Premium Ceded Dynamics by Type of Insurance, 2010-2019
Figure 11: Chilean Life Insurance - Percentage of Reinsurance Ceded (%), 2010-2014
Figure 12: Chilean Life Insurance - Percentage of Reinsurance Ceded (%), 2014-2019
Figure 13: Chilean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2010-2014
Figure 14: Chilean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2014-2019
Figure 15: Chilean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2010-2014
Figure 16: Chilean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2014-2019
Figure 17: Chilean Outbound Tourism Expenditure, 1990-2014
Figure 18: Chilean Average Annual Loss by Hazard (%), 1990-2014
Figure 19: Chilean Frequency of Hazards by Type, 1990-2014
Figure 20: Chilean Mortality of Hazards by Type, 1990-2014
Figure 21: Chilean Economic Issues Caused by Hazards by Type, 1990-2014
Figure 22: Chile - Insurance Supervision and Control at Various Levels
Figure 23: Chile - Insurance Regulatory Frameworks for Company Registration and Operation
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