The Chilean unit of French credit insurance company Coface saw its premiums grow 34% during 2002 and booked net income for the year of 2.4bn pesos (US$3.3mn), said Coface Chile CEO, Louis des Cars.
Coface is the second largest credit insurance company in Chile with about 29% of the market, Des Cars said, adding that last year the company grew its market share eight percentage points.
Chile is a relatively new market for Coface, where it opened its office in June 1997.
Coface Chile has about 150 clients and last year its claims rate was about 56%, which Des Cars sees the company maintaining during 2003.
Chile is responsible for 45% of Coface's revenues in Latin America, followed by Argentina with 35%, Peru, Venezuela, and other countries.
"Chile is the fastest growing market of them all and is second largest behind Mexico. Its growth is so rapid that in the short term it will surpass Mexico's market," he said.
