Non Life Insurance Claims and Expenses in Chile to 2016: Market Databook by Timetric

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									Non Life Insurance Claims and
Expenses in Chile to 2016: Market
Databook

Reference Code: IN1359DB
Published: July 2012




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TABLE OF CONTENTS

1         INTRODUCTION ...........................................................................................................5
    1.1      What is this Report About? .................................................................................................. 5
    1.2      Definitions ........................................................................................................................... 5
2         INDUSTRY ANALYSIS .................................................................................................7
    2.1      Gross Claims ...................................................................................................................... 7
    2.2      Gross Claims Forecast ........................................................................................................ 8
    2.3      Paid Claims ......................................................................................................................... 9
    2.4      Paid Claims Forecast ........................................................................................................ 10
    2.5      Change in Outstanding Reserves ...................................................................................... 11
    2.6      Change in Outstanding Reserves Forecast ....................................................................... 12
    2.7      Incurred Loss .................................................................................................................... 13
    2.8      Incurred Loss Forecast...................................................................................................... 14
    2.9      Loss Ratio % ..................................................................................................................... 15
    2.10     Loss Ratio % Forecast ...................................................................................................... 16
    2.11     Commissions and Expenses ............................................................................................. 17
    2.12     Commissions and Expenses Forecast .............................................................................. 18
    2.13     Combined Ratio % ............................................................................................................ 19
    2.14     Combined Ratio % Forecast.............................................................................................. 20
    2.15     Insurance Fraud and Crimes ............................................................................................. 21
    2.16     Insurance Fraud and Crimes Forecast .............................................................................. 22
3         APPENDIX ..................................................................................................................23
    3.1      Methodology ..................................................................................................................... 23
    3.2      Contact Us ........................................................................................................................ 23
    3.3      About Timetric ................................................................................................................... 23
    3.4      Disclaimer ......................................................................................................................... 24




Non Life Insurance Claims and Expenses in Chile to 2016: Market Databook
                                                                                                                                            Page 2
© Timetric. This product is licensed and is not to be photocopied
                                                                                                                             Published: July 2012
LIST OF TABLES

Table 1: Insurance Industry Definitions ................................................................................................................5
Table 2: Chilean Non Life Insurance Claims and Expenses; Gross Claims (US$ Billion), 2007-2011 ................7
Table 3: Chilean Non Life Insurance Claims and Expenses; Gross Claims (CLP Billion), 2007-2011 ................7
Table 4: Chilean Non Life Insurance Claims and Expenses; Gross Claims (US$ Billion), 2011-2016 ................8
Table 5: Chilean Non Life Insurance Claims and Expenses; Gross Claims (CLP Billion), 2011-2016 ................8
Table 6: Chilean Non Life Insurance Claims and Expenses; Paid Claims (US$ Billion), 2007-2011 ..................9
Table 7: Chilean Non Life Insurance Claims and Expenses; Paid Claims (CLP Billion), 2007-2011 ..................9
Table 8: Chilean Non Life Insurance Claims and Expenses; Paid Claims (US$ Billion), 2011-2016 ............... 10
Table 9: Chilean Non Life Insurance Claims and Expenses; Paid Claims (CLP Billion), 2011-2016 ............... 10
Table 10: Chilean Non Life Insurance Claims and Expenses; Change in Outstanding Reserves (US$ Billion),
2007-2011 .......................................................................................................................................................... 11
Table 11: Chilean Non Life Insurance Claims and Expenses; Change in Outstanding Reserves (CLP Billion),
2007-2011 .......................................................................................................................................................... 11
Table 12: Chilean Non Life Insurance Claims and Expenses; Change in Outstanding Reserves (US$ Billion),
2011-2016 .......................................................................................................................................................... 12
Table 13: Chilean Non Life Insurance Claims and Expenses; Change in Outstanding Reserves (CLP Billion),
2011-2016 .......................................................................................................................................................... 12
Table 14: Chilean Non Life Insurance Claims and Expenses; Incurred Loss (US$ Billion), 2007-2011 ........... 13
Table 15: Chilean Non Life Insurance Claims and Expenses; Incurred Loss (CLP Billion), 2007-2011 ........... 13
Table 16: Chilean Non Life Insurance Claims and Expenses; Incurred Loss (US$ Billion), 2011-2016 ........... 14
Table 17: Chilean Non Life Insurance Claims and Expenses; Incurred Loss (CLP Billion), 2011-2016 ........... 14
Table 18: Chilean Non Life Insurance Claims and Expenses; Loss Ratio % (Percentage), 2007-2011 .......... 15
Table 19: Chilean Non Life Insurance Claims and Expenses; Loss Ratio % (Percentage ), 2011-2016 ......... 16
Table 20: Chilean Non Life Insurance Claims and Expenses; Commissions and Expenses (US$ Billion), 2007-
2011 ................................................................................................................................................................... 17
Table 21: Chilean Non Life Insurance Claims and Expenses; Commissions and Expenses (CLP Billion), 2007-
2011 ................................................................................................................................................................... 17
Table 22: Chilean Non Life Insurance Claims and Expenses; Commissions and Expenses (US$ Billion), 2011-
2016 ................................................................................................................................................................... 18
Table 23: Chilean Non Life Insurance Claims and Expenses; Commissions and Expenses (CLP Billion), 2011-
2016 ................................................................................................................................................................... 18
Table 24: Chilean Non Life Insurance Claims and Expenses; Combined Ratio % (Percentage), 2007-2011 .. 19
Table 25: Chilean Non Life Insurance Claims and Expenses; Combined Ratio % (Percentage), 2011-2016 .. 20
Table 26: Chilean Non Life Insurance Claims and Expenses; Insurance Fraud and Crimes (US$ Billion), 2007-
2011 ................................................................................................................................................................... 21
Table 27: Chilean Non Life Insurance Claims and Expenses; Insurance Fraud and Crimes (CLP Billion), 2007-
2011 ................................................................................................................................................................... 21
Table 28: Chilean Non Life Insurance Claims and Expenses; Insurance Fraud and Crimes (US$ Billion), 2011-
2016 ................................................................................................................................................................... 22
Table 29: Chilean Non Life Insurance Claims and Expenses; Insurance Fraud and Crimes (CLP Billion), 2011-
2016 ................................................................................................................................................................... 22




Non Life Insurance Claims and Expenses in Chile to 2016: Market Databook
                                                                                                                                                               Page 3
© Timetric. This product is licensed and is not to be photocopied
                                                                                                                                              Published: July 2012
LIST OF FIGURES

Figure 1: Chilean Non Life Insurance Claims and Expenses; Gross Claims (US$ Billion), 2007-2011 ...............7
Figure 2: Chilean Non Life Insurance Claims and Expenses; Gross Claims (US$ Billion), 2011-2016 ...............8
Figure 3: Chilean Non Life Insurance Claims and Expenses; Paid Claims (US$ Billion), 2007-2011 .................9
Figure 4: Chilean Non Life Insurance Claims and Expenses; Paid Claims (US$ Billion), 2011-2016 .............. 10
Figure 5: Chilean Non Life Insurance Claims and Expenses; Change in Outstanding Reserves (US$ Billion),
2007-2011 .......................................................................................................................................................... 11
Figure 6: Chilean Non Life Insurance Claims and Expenses; Change in Outstanding Reserves (US$ Billion),
2011-2016 .......................................................................................................................................................... 12
Figure 7: Chilean Non Life Insurance Claims and Expenses; Incurred Loss (US$ Billion), 2007-2011 ........... 13
Figure 8: Chilean Non Life Insurance Claims and Expenses; Incurred Loss (US$ Billion), 2011-2016 ........... 14
Figure 9: Chilean Non Life Insurance Claims and Expenses; Loss Ratio % (Percentage), 2007-2011 ........... 15
Figure 10: Chilean Non Life Insurance Claims and Expenses; Loss Ratio % (Percentage ) 2011-2016 ......... 16
Figure 11: Chilean Non Life Insurance Claims and Expenses; Commissions and Expenses (US$ Billion),
2007-2011 .......................................................................................................................................................... 17
Figure 12: Chilean Non Life Insurance Claims and Expenses; Commissions and Expenses (US$ Billion),
2011-2016 .......................................................................................................................................................... 18
Figure 13: Chilean Non Life Insurance Claims and Expenses; Combined Ratio % (Percentage), 2007-2011 19
Figure 14: Chilean Non Life Insurance Claims and Expenses; Combined Ratio % (Percentage) 2011-2016 . 20
Figure 15: Chilean Non Life Insurance Claims and Expenses; Insurance Fraud and Crimes (US$ Billion),
2007-2011 .......................................................................................................................................................... 21
Figure 16: Chilean Non Life Insurance Claims and Expenses; Insurance Fraud and Crimes (US$ Billion),
2011-2016 .......................................................................................................................................................... 22




Non Life Insurance Claims and Expenses in Chile to 2016: Market Databook
                                                                                                                                                            Page 4
© Timetric. This product is licensed and is not to be photocopied
                                                                                                                                           Published: July 2012
1 INTRODUCTION
1.1    What is this Report About?

       This report is the result of extensive research into the non life insurance market in Chile, providing
       historic and forecast data on the following non life insurance claims and expenses segments -

            Gross Claims
            Paid Claims
            Change in Outstanding Reserves
            Incurred Loss
            Loss Ratio%
            Commissions and Expenses
            Combined Ratio
            Insurance Fraud and Crimes


1.2    Definitions

       All data is collected in local currency. All conversions into US dollars (US$) of current and forecast data
       are made at the 2011 average annual conversion rate. All values in tables are displayed to one or two
       decimal places

       For the purposes of this report, the review period is 2007–2011 and the forecast period is 2012–2016.

       The key insurance industry terms covered in the report are defined below:


       Table 1: Insurance Industry Definitions
        Term                    Definition

                                Bancassurance is the partnership between a bank and an insurance company in which the insurance
        Bancassurance
                                company uses the bank sales channel to sell insurance products.

                                Ceding company is the primary insurer which transfers some of its insurance risk by ceding a certain
        Ceding Company
                                portion of its total written premium through an insurance contract.

                                Incurred loss is the sum of claims paid by an insurance company and the change in the provision for
        Incurred Loss
                                outstanding claims, irrespective of whether or not they have been reported.

        Claims Ratio            Claims ratio is claims payable as a percentage of premium income.

                                Commission and Expenses is the sum of acquisition costs and administrative costs. Acquisition cost is a
        Commission and
                                certain percentage of premium produced that is retained as compensation by insurance agents and
        Expenses
                                brokers.

        Comprehensive loss
                                Comprehensive loss ratio is the ratio of claims incurred and net premium earned.
        ratio

                         
								
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