Construction All Risks
We have seen mergers in Chile that have reduced local offer/capacity. No relevant losses in the last time and rates are expected to remain flat in the short-medium term. In the long term we expect an increase in the rates.
The two most recent market players, ACE and Chubb, are now only one insurer, but competing with soft international markets. Suits in Chile are not for huge amounts and safety is improving. We don’t expect premium increases in short or medium term.
Currently only a few insurers offer this coverage in Chile. That said, the demand is also a small but increasing.
In the short term we expect to see premium increases due to a higher demand for the product from construction companies.
Motor, Plant & Equipment
Contego MUA has exited the Chilean market. As a result of the reduction in capacity it is anticipated that rates will increase.
London and regional markets support the Cargo delay in start-up (DSU) coverage and as such the local market is subject to the global trends
Historically, there have been three primary local insurance markets. Recently two of these have merged and one has made the decision to no longer write this line of insurance.
Coverage, where required, is generally underwritten by the facultative insurance market. The claims history is low and premiums are small – for this reason we do not foresee any rate increases.