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Report: Spanish insurer Divina Pastora preparing to enter Chilean insurance market

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Report: Spanish insurer Divina Pastora preparing to enter Chilean insurance market

Spanishinsurance firm Divina Pastora is looking to launch sales of insurance policiesin Chile with a local partner during the next 12 months, El Mercurio reported April 11, citing comments by Chairman ArmandoNieto.

Nietoreportedly met with officials at Chilean securities and insurance regulator SVSin March to discuss the possibility of entering the market.

DivinaPastora recently entered the Argentine life insurance market in partnershipwith local insurer Federada, and the company aims to replicate this businessmodel with a local insurer in Chile, Nieto said.

TheValencia-based firm would reportedly have to invest a minimum of €4 million inChile to set up operations and has already sent a letter of intent to at leastone potential partner, the report said.

TheSpanish firm's insurance products in Chile would be focused on offeringunemployment insurance to workers who can afford insurance but face unstableemployment conditions, Nieto explained.

DivinaPastora is not the only European insurer eyeing the Chilean insurance market.Italian insurer Reale MutuaAssicurazioni is also reportedly considering entering the market after executives metwith the SVS and local insurance sector representatives in early March.