Credit insurance premiums in Chile are set to grow 30% this year, reaching US$15.6 million compared with last year, according to Cono Sur's financial insurance manager, Rodrigo Ferrando.
Ferrando said credit insurance premiums have increased an average of 34% during the last two years (2000/2001) and has been the fastest-growing insurance segment over the last five years in Chile.
Despite strong growth, credit insurance premiums in Chile only represent 1.6% of general insurance premiums and 0.4% of total insurance premiums, he said.
Cono Sur sees an "immense potential" in Chile's credit insurance market given that both the access to the product and the quality of key information is at international levels, Ferrando said. The Chilean market represented 24% of Latin America's US$50 million credit insurance premiums last year, behind Brazil (34%) and Mexico (29%), but ahead of Colombia (8%) and Argentina (5%).
