Insurers see premiums grow 7.5% Jan-Sept

Chile's insurance industry saw net premiums grow 7.5% during the first nine months to 1.5tn pesos (US$2.25bn), the local insurance association said in a statement. The life segment still dominates the Chilean insurance market with premiums worth US$1.53bn. Within life, mandatory policies showed strongest growth during the nine-month period with a 23.8% increase. On the other hand, the annuities segment decreased 0.96% during the same period but has shown signs of recovery, the statement. Local rating agency Humphrey's is "very optimistic" on the local insurance industry's growth perspectives over the next five years due to free-trade agreements and greater purchasing power, Humphrey's country manager Alejandro Sierra told BNamericas. The free-trade agreements with the European Union and the US will have a direct positive impact on the general insurance market and the improved performance of the Chilean economy will boost people's incomes, which will result in stronger life insurance demand, he said. The theft insurance segment also recorded strong growth during the January-September period with a 15.3% increase, follow by auto insurance that rose 7.76%. Claims amounted to some US$2bn during the period. Humphrey's is an affiliate of international rating agency Moody's