Chile prepares for major insurance, pension conferences

Insurance and pensions will be under the spotlight in Chile on May 15-16 when industry decision-makers gather for two major events. 

On May 15, the country’s association of insurers AACh hosts its 6th international conference, where the central theme is cybersecurity and data protection. The main speaker is Spanish hacker Chema Alsono, also known as “El Maligno.”

Last year, the event had a general innovation focus while in 2017 insurers put blockchain under the spotlight.

In terms of premiums, Chile’s insurance sector is benefiting from a more favorable operating environment, largely thanks to increased investment and growth compared with a few years ago. Last year insurers reported sales of US$12.8bn, up 4.7%. Profits, however, fell 19.1% to US$743mn, pulled down by the life segment, which, in turn, was impacted by factors such as a weaker return on investments and higher costs linked to annuities.

FIAP

On May 15-16, meanwhile, the International Federation of Pension Fund Administrators (FIAP) will host its 17th international conference. Speakers include former IDB economics chief and Venezuelan planning minister Ricardo Hausmann, head economist at the OECD’s private pensions unit, Pablo Antolin, Chilean labor minister Nicolás Monckberg (pictured) and Chile's former finance minister Rodrigo Valdés.

The conference takes place as the government battles in congress to gain sufficient support for a reform bill largely designed to strengthen the solidarity pillar and increase the size of private pensions, and as the country looks at the implications of an aging population and falling returns – issues that have also impacted other nations in the region.

Chile was the first country in the world to introduce a national private pension system. All eyes are on how it reforms the pioneering system to ensure it better serves the purpose it was created for.