The total gross insurance premiums in Chile experienced significant fluctuations over the past decade. After peaking at $12.4 billion in 2016, premiums surged to $14.01 billion in 2018, followed by a decline to $9.99 billion in 2020. By 2023, the value stood at $15.16 billion, reflecting a robust recovery with a year-on-year increase of 10.14%. Over the last five years, the compound annual growth rate (CAGR) has been 1.6%.
From 2024 onwards, the forecast indicates continued growth, reaching $18.78 billion by 2028, with an anticipated CAGR of 3.39%. This growth translates to a total increase of 18.12% over the five-year forecast period.
Future trends to watch include technological advancements in underwriting, the impact of regulatory changes, and the potential for increased penetration of digital insurance products. These factors are expected to drive market dynamics and influence the competitive landscape.
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