Chile's first quarter credit insurance sales reached 928.5m pesos (US$1.4m), an 18.2% increase over the 785.6m pesos posted in the same period in 2003 according to figures from the local insurance association AACH.
However, Coface Chile executive Louis des Cars said: "This figure is not satisfactory for any company because, since [Chile] is a developing market, it should have grown more. While 18.2% is a decent figure, the sector was expecting more.
"There are many companies reviewing the issue [buying credit insurance] but they are holding off on a decision and we believe that the Chilean market is generally slow," he added.
Coface Chile expects 30% profit growth this year with its bottom line fluctuating between 150m and 200m pesos.
Coface's two core businesses are credit insurance (domestic and export) and credit management services (credit information, trades receivables ratings, management and recovery).
Source: BN Americas
