Between 2013 and 2023, Chile's total insurance expenditure has shown fluctuations with periods of growth and decline, peaking in 2023. The dips in 2014 and 2017, as well as the significant drop in 2020, were followed by strong recoveries. By 2023, expenditure stood at 4.94% of GDP, reflecting a 4.03% year-on-year increase.
Looking ahead, the projected expenditure from 2024 to 2028 indicates a steady growth with an average annual increase (CAGR) of 0.56%. Key trends to watch for include:
- The impact of economic recovery post-pandemic on insurance uptake.
- Potential shifts in consumer behavior and preferences towards new insurance products.
- Technological advancements and their role in enhancing insurance services.
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