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Life Insurance in Chile, Key Trends and Opportunities to 2017
Synopsis
The report provides in depth market analysis, information and insights into Chile's life insurance segment,
including:
Chile's life insurance segment’s growth prospects by life insurance categories Key trends and drivers
for the life insurance segment The various distribution channels in Chile's life insurance segment Detailed
competitive landscape in the life insurance segment in Chile Detailed regulatory framework of Chile's
insurance industry A description of the life reinsurance segment in Chile Porter's Five Forces Analysis of the
life insurance segment Benchmarking section on Chile's life insurance segment in comparison to other
countries in Central and Latin America
Executive summary
The gross written premiums of the life insurance segment grew during the review period (2008–2012),
supported by rising disposable income, an increase in the country’s working population, the growing
penetration of distribution channels selling insurance products and the availability of a wider range of
innovative insurance products. Chile has a favorable economic environment, making it an attractive
destination for international life insurers. Higher foreign capital inflows are anticipated over the forecast
period which will have a large impact on the country’s financial services sectors, including the
insurance industry.
Scope
This report provides a comprehensive analysis of the life insurance segment in Chile:
It provides historical values for Chile's life insurance segment for the report’s 2008–2012
review period and forecast figures for the 2012–2017 forecast period It offers a detailed analysis of the
key sub-segments in Chile's life insurance segment, along with market forecasts until 2017 It covers an
exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses,
combined ratio, frauds and crimes, total assets, total investment income and retentions It analyses the various
distribution channels for life insurance products in Chile Using Porter’s industry-standard “Five
Forces” analysis, it details the competitive landscape in Chile for the life insurance business It provides
a detailed analysis of the reinsurance segment in Chile and its growth prospects It profiles the top life
insurance companies in Chile and outlines the key regulations affecting them
Reasons to buy
Make strategic business decisions using in depth historic and forecast market data related to Chile's life
insurance segment and each category within it Understand the demand-side dynamics, key market trends and
growth opportunities within Chile's life insurance segment Assess the competitive dynamics in the life
insurance segment, along with the reinsurance segment Identify the growth opportunities and market dynamics
within key product categories Gain insights into key regulations governing Chile's insurance industry and its
impact on companies and the market's future
Key highlights
Chile is considered one of most stable economic and political environments in South America. Its economy
is one of the fastest-growing in the region and GDP at constant prices grew at a CAGR of 4.0% during the
review period. The value of the life segment is expected to increase to CLP3.3 trillion (US$6.8 billion) by
Life Insurance in Chile, Key Trends and Opportunities to 2017
2012. Premiums earned through sales of retirement products, such as general annuity and pension plans,
accounted for 70.6% of total Chilean life insurance written premiums in 2012. Agencies remain the leading
distribution channel for life insurance companies followed by direct marketing and bancassurance
table Of Contents
1 Executive Summary
2 Introduction
2.1 What Is This Report About?
2.2 Definitions
2.3 Methodology
3 Regional Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
4 Life Insurance Segment – Regional Benchmarking
4.1 Scale And Penetration
4.1.1 Total Gross Written Premium
4.1.2 Premium Per Capita
4.1.3 Life Insurance Penetration (as A Percentage Of Gdp)
4.2 Growth
4.2.1 Gross Written Premium
4.2.2 Gross Written Premium Per Capita
4.3 Efficiency And Risk
4.3.1 Loss Ratio
4.3.2 Combined Ratio
4.3.3 Incurred Losses Per Capita
4.3.4 Incurred Losses As A Percentage Of Gdp
4.4 Distribution Channels
4.4.1 Direct Marketing
4.4.2 Bancassurance
4.4.3 Agencies
5 Chilean Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008–2017
5.2 Key Industry Trends And Drivers
Life Insurance in Chile, Key Trends and Opportunities to 2017
6 Life Insurance Outlook
6.1 Life Insurance Growth Prospects By Category
6.1.1 Individual Life Insurance
6.1.2 Individual General Annuity Insurance
6.1.3 Individual Pension Insurance
6.1.4 Individual Endowment Insurance
6.1.5 Individual Unit-linked Insurance
6.1.6 Individual Term Life Insurance
6.1.7 Other Individual Insurance
6.1.8 Group Life Insurance
6.1.9 Group Unit-linked Insurance
6.2 Life Insurance Growth Prospects By Product Type
6.2.1 Individual Single-premium Policies
6.2.2 Individual Non-single-premium Policies
6.2.3 Group Single-premium Policies
6.2.4 Group Non-single-premium Policies
7 Analysis By Distribution Channel
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
7.6 Other Channels
8 Governance, Risk And Compliance
8.1 Legislation Overview And Historical Evolution
8.2 Regulations By Type Of Insurance
8.2.1 Life Insurance Regulations
8.2.2 Property Insurance Regulations
8.2.3 Motor Insurance Regulations
8.2.4 Marine, Aviation And Transit Insurance Regulations
8.2.5 Personal Accident And Health Insurance Regulations
8.3 Compulsory Insurance
8.3.1 Insurance For Motor Vehicles Accidents
8.3.2 Insurance For Pension Fund Administrators To Guarantee Performance
8.3.3 Workmen’s Compensation Insurance
8.4 Supervision And Control
8.4.1 International Association Of Insurance Supervisors
8.4.2 Association Of Insurance Supervisors Latin America
8.4.3 Superintendent Of Security Markets And Insurance Companies
Life Insurance in Chile, Key Trends and Opportunities to 2017
8.4.4 Insurance Association Of Chile
8.5 Non-admitted Insurance Regulations
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market Practices
8.5.4 Fines And Penalties
8.6 Company Registration And Operations
8.6.1 Types Of Insurance Organization
8.6.2 Establishing A Local Company
8.6.3 Foreign Ownership
8.6.4 Types Of License
8.6.5 Capital Requirements
8.6.6 Solvency Margins
8.6.7 Reserve Requirements
8.6.8 Investment Regulations
8.6.9 Statutory Return Requirements
8.6.10 Fees Structure
8.7 Taxation
8.7.1 Insurance Premium Or Policy Taxation
8.7.2 Corporate Tax
8.7.3 Vat
8.7.4 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access To Court
8.8.3 Alternative Dispute Resolution (adr)
9 Porter’s Five Forces Analysis – Chilean Life Insurance
9.1 Bargaining Power Of Supplier: Medium
9.2 Bargaining Power Of Buyer: Low To Medium
9.3 Barriers To Entry: Medium
9.4 Intensity Of Rivalry: Medium
9.5 Threat Of Substitutes: Low To Medium
10 Reinsurance Growth Dynamics And Challenges
10.1.1 Reinsurance Segment Size, 2008–2017
10.1.2 Reinsurance Segment Size By Type Of Insurance, 2008–2017
11 Competitive Landscape And Strategic Insights
11.1 Overview
Life Insurance in Chile, Key Trends and Opportunities to 2017
11.2 Leading Companies In Chilean Life Insurance Segment
11.3 Comparison Of The Leading Five Insurers
11.3.1 Gross Written Premium
11.3.2 Outward Reinsurance Expense
11.3.3 Net Earned Premiums
11.3.4 Paid Claims
11.3.5 Total Assets
11.3.6 Investment Income
11.4 Consorcio Nacional De Seguros Sa – Company Overview
11.4.1 Consorcio Nacional De Seguros Sa – Key Facts
11.4.2 Consorcio Nacional De Seguros Sa – Key Financials
11.5 Compañía De Seguros Corpvida Sa – Company Overview
11.5.1 Compañía De Seguros Corpvida Sa – Key Facts
11.5.2 Compañía De Seguros Corpvida Sa – Key Financials
11.6 Compañía De Seguros De Vida Cruz Del Sur Sa – Company Overview
11.6.1 Compañía De Seguros De Vida Cruz Del Sur Sa – Key Facts
11.6.2 Compañía De Seguros De Vida Cruz Del Sur Sa – Key Financials
11.7 Seguros De Vida Sura Sa – Company Overview
11.7.1 Seguros De Vida Sura Sa – Key Facts
11.7.2 Seguros De Vida Sura Sa – Key Financials
11.8 Chilena Consolidada Seguros De Vida Sa – Company Overview
11.8.1 Chilena Consolidada Seguros De Vida Sa – Key Facts
11.8.2 Chilena Consolidada Seguros De Vida Sa – Key Financials
11.9 Bice Vida Compañía De Seguros Sa – Company Overview
11.9.1 Bice Vida Compañía De Seguros Sa – Key Facts
11.9.2 Bice Vida Compañía De Seguros Sa – Key Financials
11.1 Compania De Seguros De Vida Camara Sa – Company Overview
11.10.1 Compania De Seguros De Vida Camara Sa – Key Facts
11.10.2 Compania De Seguros De Vida Camara Sa – Key Financials
11.11 Zurich Santander Seguros Chile Sa – Company Overview
11.11.1 Zurich Santander Seguros Chile Sa – Key Facts
11.11.2 Zurich Santander Seguros Chile Sa – Key Financials
11.12 Euroamerica Seguros De Vida Sa – Company Overview
11.12.1 Euroamerica Seguros De Vida Sa – Key Facts
11.12.2 Euroamerica Seguros De Vida Sa – Key Financials
11.13 Principal Compañía De Seguros De Vida Chile Sa – Company Overview
11.13.1 Principal Compañía De Seguros De Vida Chile Sa – Key Facts
11.13.2 Principal Compañía De Seguros De Vida Chile Sa – Key Financials
12 Business Environment And Country Risk
12.1 Business Confidence
12.1.1 Market Capitalization Trend – Santiago Stock Exchange, Chile
Life Insurance in Chile, Key Trends and Opportunities to 2017
12.2 Economic Performance
12.2.1 Gdp At Constant Prices (us$)
12.2.2 Gdp Per Capita At Constant Prices (us$)
12.2.3 Gdp At Current Prices (us$)
12.2.4 Gdp Per Capita At Current Prices (us$)
12.2.5 Gdp By Key Segments
12.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us$)
12.2.7 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices As A Percentage Of Gdp
12.2.8 Manufacturing Net Output At Current Prices (us$)
12.2.9 Manufacturing Net Output At Current Prices As A Percentage Of Gdp
12.2.10 Mining, Manufacturing And Utilities At Current Prices (us$)
12.2.11 Mining, Manufacturing And Utilities At Current Prices, As Percentage Of Gdp
12.2.12 Construction Net Output At Current Prices (us$)
12.2.13 Construction Net Output At Current Prices As A Percentage Of Gdp
12.2.14 Exports As A Percentage Of Gdp
12.2.15 Imports As A Percentage Of Gdp
12.2.16 Exports Growth
12.2.17 Imports Growth
12.2.18 Annual Average Exchange Rate Clp–us$
12.3 Infrastructure Quality And Availability
12.3.1 Commercial Vehicle Exports – Total Value
12.3.2 Commercial Vehicle Imports – Total Value
12.3.3 Automotive Exports – Total Value
12.3.4 Automotive Imports – Total Value
12.3.5 Total Internet Subscribers
12.4 Labor Force
12.4.1 Labor Force
12.4.2 Unemployment Rate
12.5 Demographics
12.5.1 Gross National Disposable Income (us$)
12.5.2 Total Population
12.5.3 Urban And Rural Populations
12.5.4 Median Age Of Population
12.5.5 Age Distribution Of The Total Population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric’s Services
13.5 Disclaimer
Life Insurance in Chile, Key Trends and Opportunities to 2017
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Life Insurance in Chile, Key Trends and Opportunities to 2017

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Life Insurance in Chile, Key Trends and Opportunities to 2017:New Industry Analysis Report

  • 1. Life Insurance in Chile, Key Trends and Opportunities to 2017 Synopsis The report provides in depth market analysis, information and insights into Chile's life insurance segment, including: Chile's life insurance segment’s growth prospects by life insurance categories Key trends and drivers for the life insurance segment The various distribution channels in Chile's life insurance segment Detailed competitive landscape in the life insurance segment in Chile Detailed regulatory framework of Chile's insurance industry A description of the life reinsurance segment in Chile Porter's Five Forces Analysis of the life insurance segment Benchmarking section on Chile's life insurance segment in comparison to other countries in Central and Latin America Executive summary The gross written premiums of the life insurance segment grew during the review period (2008–2012), supported by rising disposable income, an increase in the country’s working population, the growing penetration of distribution channels selling insurance products and the availability of a wider range of innovative insurance products. Chile has a favorable economic environment, making it an attractive destination for international life insurers. Higher foreign capital inflows are anticipated over the forecast period which will have a large impact on the country’s financial services sectors, including the insurance industry. Scope This report provides a comprehensive analysis of the life insurance segment in Chile: It provides historical values for Chile's life insurance segment for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period It offers a detailed analysis of the key sub-segments in Chile's life insurance segment, along with market forecasts until 2017 It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions It analyses the various distribution channels for life insurance products in Chile Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Chile for the life insurance business It provides a detailed analysis of the reinsurance segment in Chile and its growth prospects It profiles the top life insurance companies in Chile and outlines the key regulations affecting them Reasons to buy Make strategic business decisions using in depth historic and forecast market data related to Chile's life insurance segment and each category within it Understand the demand-side dynamics, key market trends and growth opportunities within Chile's life insurance segment Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment Identify the growth opportunities and market dynamics within key product categories Gain insights into key regulations governing Chile's insurance industry and its impact on companies and the market's future Key highlights Chile is considered one of most stable economic and political environments in South America. Its economy is one of the fastest-growing in the region and GDP at constant prices grew at a CAGR of 4.0% during the review period. The value of the life segment is expected to increase to CLP3.3 trillion (US$6.8 billion) by Life Insurance in Chile, Key Trends and Opportunities to 2017
  • 2. 2012. Premiums earned through sales of retirement products, such as general annuity and pension plans, accounted for 70.6% of total Chilean life insurance written premiums in 2012. Agencies remain the leading distribution channel for life insurance companies followed by direct marketing and bancassurance table Of Contents 1 Executive Summary 2 Introduction 2.1 What Is This Report About? 2.2 Definitions 2.3 Methodology 3 Regional Market Dynamics 3.1 Overview 3.1.1 Market Trends 3.1.2 Market Size 4 Life Insurance Segment – Regional Benchmarking 4.1 Scale And Penetration 4.1.1 Total Gross Written Premium 4.1.2 Premium Per Capita 4.1.3 Life Insurance Penetration (as A Percentage Of Gdp) 4.2 Growth 4.2.1 Gross Written Premium 4.2.2 Gross Written Premium Per Capita 4.3 Efficiency And Risk 4.3.1 Loss Ratio 4.3.2 Combined Ratio 4.3.3 Incurred Losses Per Capita 4.3.4 Incurred Losses As A Percentage Of Gdp 4.4 Distribution Channels 4.4.1 Direct Marketing 4.4.2 Bancassurance 4.4.3 Agencies 5 Chilean Insurance Industry Attractiveness 5.1 Insurance Industry Size, 2008–2017 5.2 Key Industry Trends And Drivers Life Insurance in Chile, Key Trends and Opportunities to 2017
  • 3. 6 Life Insurance Outlook 6.1 Life Insurance Growth Prospects By Category 6.1.1 Individual Life Insurance 6.1.2 Individual General Annuity Insurance 6.1.3 Individual Pension Insurance 6.1.4 Individual Endowment Insurance 6.1.5 Individual Unit-linked Insurance 6.1.6 Individual Term Life Insurance 6.1.7 Other Individual Insurance 6.1.8 Group Life Insurance 6.1.9 Group Unit-linked Insurance 6.2 Life Insurance Growth Prospects By Product Type 6.2.1 Individual Single-premium Policies 6.2.2 Individual Non-single-premium Policies 6.2.3 Group Single-premium Policies 6.2.4 Group Non-single-premium Policies 7 Analysis By Distribution Channel 7.1 Direct Marketing 7.2 Bancassurance 7.3 Agencies 7.4 E-commerce 7.5 Brokers 7.6 Other Channels 8 Governance, Risk And Compliance 8.1 Legislation Overview And Historical Evolution 8.2 Regulations By Type Of Insurance 8.2.1 Life Insurance Regulations 8.2.2 Property Insurance Regulations 8.2.3 Motor Insurance Regulations 8.2.4 Marine, Aviation And Transit Insurance Regulations 8.2.5 Personal Accident And Health Insurance Regulations 8.3 Compulsory Insurance 8.3.1 Insurance For Motor Vehicles Accidents 8.3.2 Insurance For Pension Fund Administrators To Guarantee Performance 8.3.3 Workmen’s Compensation Insurance 8.4 Supervision And Control 8.4.1 International Association Of Insurance Supervisors 8.4.2 Association Of Insurance Supervisors Latin America 8.4.3 Superintendent Of Security Markets And Insurance Companies Life Insurance in Chile, Key Trends and Opportunities to 2017
  • 4. 8.4.4 Insurance Association Of Chile 8.5 Non-admitted Insurance Regulations 8.5.1 Overview 8.5.2 Intermediaries 8.5.3 Market Practices 8.5.4 Fines And Penalties 8.6 Company Registration And Operations 8.6.1 Types Of Insurance Organization 8.6.2 Establishing A Local Company 8.6.3 Foreign Ownership 8.6.4 Types Of License 8.6.5 Capital Requirements 8.6.6 Solvency Margins 8.6.7 Reserve Requirements 8.6.8 Investment Regulations 8.6.9 Statutory Return Requirements 8.6.10 Fees Structure 8.7 Taxation 8.7.1 Insurance Premium Or Policy Taxation 8.7.2 Corporate Tax 8.7.3 Vat 8.7.4 Captives 8.8 Legal System 8.8.1 Introduction 8.8.2 Access To Court 8.8.3 Alternative Dispute Resolution (adr) 9 Porter’s Five Forces Analysis – Chilean Life Insurance 9.1 Bargaining Power Of Supplier: Medium 9.2 Bargaining Power Of Buyer: Low To Medium 9.3 Barriers To Entry: Medium 9.4 Intensity Of Rivalry: Medium 9.5 Threat Of Substitutes: Low To Medium 10 Reinsurance Growth Dynamics And Challenges 10.1.1 Reinsurance Segment Size, 2008–2017 10.1.2 Reinsurance Segment Size By Type Of Insurance, 2008–2017 11 Competitive Landscape And Strategic Insights 11.1 Overview Life Insurance in Chile, Key Trends and Opportunities to 2017
  • 5. 11.2 Leading Companies In Chilean Life Insurance Segment 11.3 Comparison Of The Leading Five Insurers 11.3.1 Gross Written Premium 11.3.2 Outward Reinsurance Expense 11.3.3 Net Earned Premiums 11.3.4 Paid Claims 11.3.5 Total Assets 11.3.6 Investment Income 11.4 Consorcio Nacional De Seguros Sa – Company Overview 11.4.1 Consorcio Nacional De Seguros Sa – Key Facts 11.4.2 Consorcio Nacional De Seguros Sa – Key Financials 11.5 Compañía De Seguros Corpvida Sa – Company Overview 11.5.1 Compañía De Seguros Corpvida Sa – Key Facts 11.5.2 Compañía De Seguros Corpvida Sa – Key Financials 11.6 Compañía De Seguros De Vida Cruz Del Sur Sa – Company Overview 11.6.1 Compañía De Seguros De Vida Cruz Del Sur Sa – Key Facts 11.6.2 Compañía De Seguros De Vida Cruz Del Sur Sa – Key Financials 11.7 Seguros De Vida Sura Sa – Company Overview 11.7.1 Seguros De Vida Sura Sa – Key Facts 11.7.2 Seguros De Vida Sura Sa – Key Financials 11.8 Chilena Consolidada Seguros De Vida Sa – Company Overview 11.8.1 Chilena Consolidada Seguros De Vida Sa – Key Facts 11.8.2 Chilena Consolidada Seguros De Vida Sa – Key Financials 11.9 Bice Vida Compañía De Seguros Sa – Company Overview 11.9.1 Bice Vida Compañía De Seguros Sa – Key Facts 11.9.2 Bice Vida Compañía De Seguros Sa – Key Financials 11.1 Compania De Seguros De Vida Camara Sa – Company Overview 11.10.1 Compania De Seguros De Vida Camara Sa – Key Facts 11.10.2 Compania De Seguros De Vida Camara Sa – Key Financials 11.11 Zurich Santander Seguros Chile Sa – Company Overview 11.11.1 Zurich Santander Seguros Chile Sa – Key Facts 11.11.2 Zurich Santander Seguros Chile Sa – Key Financials 11.12 Euroamerica Seguros De Vida Sa – Company Overview 11.12.1 Euroamerica Seguros De Vida Sa – Key Facts 11.12.2 Euroamerica Seguros De Vida Sa – Key Financials 11.13 Principal Compañía De Seguros De Vida Chile Sa – Company Overview 11.13.1 Principal Compañía De Seguros De Vida Chile Sa – Key Facts 11.13.2 Principal Compañía De Seguros De Vida Chile Sa – Key Financials 12 Business Environment And Country Risk 12.1 Business Confidence 12.1.1 Market Capitalization Trend – Santiago Stock Exchange, Chile Life Insurance in Chile, Key Trends and Opportunities to 2017
  • 6. 12.2 Economic Performance 12.2.1 Gdp At Constant Prices (us$) 12.2.2 Gdp Per Capita At Constant Prices (us$) 12.2.3 Gdp At Current Prices (us$) 12.2.4 Gdp Per Capita At Current Prices (us$) 12.2.5 Gdp By Key Segments 12.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us$) 12.2.7 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices As A Percentage Of Gdp 12.2.8 Manufacturing Net Output At Current Prices (us$) 12.2.9 Manufacturing Net Output At Current Prices As A Percentage Of Gdp 12.2.10 Mining, Manufacturing And Utilities At Current Prices (us$) 12.2.11 Mining, Manufacturing And Utilities At Current Prices, As Percentage Of Gdp 12.2.12 Construction Net Output At Current Prices (us$) 12.2.13 Construction Net Output At Current Prices As A Percentage Of Gdp 12.2.14 Exports As A Percentage Of Gdp 12.2.15 Imports As A Percentage Of Gdp 12.2.16 Exports Growth 12.2.17 Imports Growth 12.2.18 Annual Average Exchange Rate Clp–us$ 12.3 Infrastructure Quality And Availability 12.3.1 Commercial Vehicle Exports – Total Value 12.3.2 Commercial Vehicle Imports – Total Value 12.3.3 Automotive Exports – Total Value 12.3.4 Automotive Imports – Total Value 12.3.5 Total Internet Subscribers 12.4 Labor Force 12.4.1 Labor Force 12.4.2 Unemployment Rate 12.5 Demographics 12.5.1 Gross National Disposable Income (us$) 12.5.2 Total Population 12.5.3 Urban And Rural Populations 12.5.4 Median Age Of Population 12.5.5 Age Distribution Of The Total Population 13 Appendix 13.1 Methodology 13.2 Contact Timetric 13.3 About Timetric 13.4 Timetric’s Services 13.5 Disclaimer Life Insurance in Chile, Key Trends and Opportunities to 2017
  • 7. ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ Life Insurance in Chile, Key Trends and Opportunities to 2017