Life Report

Product Insurance Market Reports Life Rev Chile

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Chile's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Chile's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Chile

The Chile life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Chile.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Chile and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Chile’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Chile is available.

Axco’s report describes the regulatory framework that applies to the Chile domestic life insurance sector, including whether non-admitted insurance is permitted in Chile; as well as the legislation necessary to know regarding Chile’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Chile with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Chilean market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Chile, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Chilean pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Chile report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Chile Life and Benefits Report Extract

Below are brief extracts of information from the Chile Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The Chilean life assurance market is a moderate size, 3rd in Latin America in 2019, smaller than neighbours Mexico and Brazil (each with significantly higher populations), but larger than neighbours Argentina, Peru and Bolivia, and 31st in the world.

It is a mature market, first established in the 1820s. Penetration is the highest in the region by a significant percentage. Both size and penetration are due to the mandatory contributory ....


Since 1981 a mandatory pension system exists in Chile, consisting of individual accounts (capitalizacion), so that, in theory, penetration rates are high. Subsequent and proposed reforms have been introduced/mooted to address the insufficiency of pension incomes, introduce a top-up subsidy and a non-contributory basic solidarity pension. Concerns persist for the sustainability of the system, given low contribution rates, gaps in contributions and segments of the population who are not members of the system at all.

It is too early to quantify the full effect that the COVID-19 pandemic will have on the social security system....


Chile has a dual healthcare system whereby mandatory healthcare is provided by both the public and private sectors. All employed persons in Chile, with only a few exceptions, are required to make a mandatory 7% contribution of salary towards either the public health scheme run by FONASA or to an ISAPRE. Those workers that do not choose an ISAPRE are automatically enrolled with FONASA.

Law No 21.133 of 2 February 2019 established a new compulsory and gradual contribution mechanism to incorporate the self-employed into pensions ....

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