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Chilean insurance market sees profits rise 11.8% YOY in 2016

Chile's insurance sector accumulated $736 million in profits in 2016, according to a fourth-quarter report from insurance regulator Superintendencia de Valores y Seguros, which is an 11.8% increase year-on-year compared with the fourth quarter in 2015.

Sales grew 9.3% in 2016, with the insurance market clocking $12.4 billion in sales during the year, the SVS said. The life insurance market saw 7% annual growth in profits in 2016 compared to the previous year.

The regulator attributed the positive results to the solvency of the national insurance market along with increased sales and better investments.