The Chilean Insurance Association recently released predictions that the country’s insurance market will grow by 3.7% in 2010 and 6.7% in 2011. In particular, Jorge Claude, the president of the association, reportedly stated that the group expects life insurance premiums to grow 2.9% in 2010 and 5.8% in 2011. Such growth would be in contrast to recent results in the Chilean insurance market, which saw a decline in total premiums in 2009. Mr. Claude reportedly stated that the insurance market predictions are based in part upon expectations that the Chilean economy as a whole will experience a recovery in 2010 and 2011.
The Ecuadorian insurance market reportedly experienced an 11.0% growth in total premiums and a 7.2% growth in activity when comparing October 2009 to October 2008. Colonial maintained the largest share of the market as of October (14%), followed by Equinoccial (9%), AIG (5%), Latina (5%), Sucre (5%), Condor (4%), Panamericana (4%), Bolivar (3%), Atlas (3%) and Ecuasuiza (3%).
Total net premiums for the Uruguayan insurance market reportedly grew 9.6% when comparing September 2009 to September 2008. For the twelve month period ending September 2009, the market reportedly grew by 6.5%.
Total premiums for the Venezuelan market reportedly grew by 44% when comparing December 2008 to 2007. The lines with the greatest growth were pensions (300%), credit and guaranty (64.4%), life (48.7%) and auto (20.6%).