If general insurance against fires, thefts or for the car were the usual ones in our country, today the trend is that the things that Chileans are valuing and protecting are as diverse as a drone or a scooter. And in life insurance, the offer includes pets. The Consortium policy reimburses veterinary medical expenses for accidents and / or illness suffered by the pet, 70% coverage up to an amount of UF 12 per year, with a maximum of three events per year.
Sura also covers veterinary expenses and includes the option of a pet hotel that can be used twice a year, with a maximum of five days. Southbridge Insurance Company also plans to enter this new segment. The commercial director, Joanna Knoeppchen, indicates that ‘with the new Law on Responsible Ownership of Pets, a new niche is opened. According to the figures, six out of 10 households have at least one pet, ’he says. In the general insurance segment, auto insurance has evolved.
The manager of mass insurance for FR Group Corredores de Seguros, Alejandro Novoa, points out that it is the policy with the highest increase in online purchases. ‘Their coverage has become more sophisticated, considering premiums for use or mileage, which has been in response to the newer, more urban generations, where they see the car as a type of weekend transport and seek insurance that meets these needs’ , he remarks. Novoa argues that one of the products that has grown the most in the last five years, at double-digit rates, is insurance to protect electronic devices.
In this product, the premium goes between 15% to 35% of the value in the case of cell phones, for example. From Southbridge, bicycle insurance stands out, considering that in Santiago alone there are close to 1.1 million bicycle trips a day. ‘This figure will increase. We are developing insurance that protects the cyclist, but also the bicycle, comprehensive insurance, ’they say. Scooters, light electric vehicles and drones are other assets that the new generations are also assuring.
‘Millennials and centennials are doing more physical activity and due to the demand from our customers, we are also developing these insurances,’ they point out from the FR Group. According to data from the Chilean Insurers Association, health insurance and guarantee and credit are the ones that have been gaining the most. Both have grown 25.5% and 17.7% respectively, as of the third quarter of 2018.
More women
Another trend that is striking is the increase in female participation in life insurance contracting. According to MetLife figures, this segment ‘has been increasing consistently in the last 10 years and in 2018 accounted for 44% of the new sale.’
In more detail, the increase in university insurance stands out, which grew by ten points, and the APV (Voluntary Pension Savings), which increased by nine points in the last 10 years. ‘The increase in the section Women in the products of university insurance and APV reveals how women are increasingly taking charge of their children’s education and savings,’ they explain.
Source: Diario Financiero
