If general insurance against fire, theft or for the car were the usual ones in our country, today the trend is that the things that Chileans value and protect are as diverse as a drone or a scooter. And in life insurance, the offer includes pets. The Consorcio policy reimburses veterinary medical expenses due to 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. At Southbridge Insurance Company they also plan to venture into this new segment. The commercial director, Joanna Knoeppchen, indicates that “with the new Law on Responsible Pet Ownership, a new niche opens up. According to the figures, six out of 10 households have at least one pet,’ she points out. In the general insurance segment, automobile insurance has evolved.
The mass insurance manager of FR Group Corredores de Seguros, Alejandro Novoa, points out that it is the policy that registers the greatest increase in online purchases. “Its coverage has become more sophisticated, considering premiums for use or mileage, which has been in response to the new, more urban generations, where they see the car as a type of weekend transport and look for insurance that covers these needs” , remark. Novoa maintains 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 ranges from 15% to 35% of the value in the case of cell phones, for example. From Southbridge, bicycle insurance stands out, considering that only in Santiago there are about 1.1 million trips per day by bicycle. ‘This number will increase. We are developing insurance that protects the cyclist, but also the bicycle, comprehensive insurance,’ they specify. Scooters, light electric vehicles and drones are other goods that the new generations are also securing.
‘Millennials and centennials are doing more physical activity and due to the demand of our clients, we are also developing these insurances’, they point out from FR Group. According to data from the Chilean Insurers Association, health insurance and guarantee and credit insurance are the ones that have been gaining ground the most. Both have grown 25.5% and 17.7% respectively, as of the third quarter of 2018.
More women
Another trend that draws attention is the rise in female participation in life insurance. According to MetLife figures, this segment “has been increasing consistently in the last 10 years and in 2018 accounted for 44% of new sales.”
More in 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 Women section in university insurance and APV products reveals how women are increasingly taking charge of their children’s education and savings,’ they explain.
Source: Diario Financiero
