A N N U A L R E P O R T G R U P O S E C U R I T Y ... - Banco Security
A N N U A L R E P O R T G R U P O S E C U R I T Y ... - Banco Security
A N N U A L R E P O R T G R U P O S E C U R I T Y ... - Banco Security
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44<br />
B U S I N E S S A R E A S<br />
INSURANCE<br />
I n s u r a n c e I n d u s t r y<br />
The Chilean insurance industry closed the year with differing results in both life and general insurance segments.<br />
Life insurance companies produced losses of Ch$140,197 million, lower than the level of 2007. On the other hand,<br />
general insurance companies produced a net income of Ch$14,396 million, a slight fall of 2.4% compared to the<br />
year before.<br />
The insurance sector is divided into 29 life companies and 19 general companies. The ten principal life and general<br />
insurance companies control 73.3% and 90.2% respectively of total direct premium.<br />
Life insurance premium income grew by 6.1% in real terms in 2008, to Ch$2,366 billion. The most important segment<br />
was pensions insurance which represented 53.8% of the total, despite annuities having experienced a sharp fall in<br />
market share since the 1990s, when they accounted for more than 70% of total premium. Individual and group life<br />
maintained its growth trend, representing 46.2% of total life-industry premiums.<br />
General insurance companies maintained their growth in recent years in direct premiums, reaching Ch$1,240 billion<br />
in 2008. The lines of business remained concentrated, two of them (vehicles and fire and its additionals) accounting<br />
for 57.2% of the market.
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