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Chile Insurance refers to the contractual assurance of reimbursement in case of loss, provided by various companies or rather insurers of the country. Insurance in Chile comprises compensation for workers, accident insurance, automobile insurance for drivers and passengers and so on. Non admitted insurance is allowed with a payment of 22% tax. Aviation and cargo industry is exempted from this law. The policy form is not subjected to tariff market and the same is set on negotiation. Spanish is the language of policy and Unidades de Fomento is the chief currency for policy though foreign currency is often allowed. Chilean Insurance is a flourishing business of the country. In 2001, direct insurance premiums were estimated around US$2.718 billion where US$837 consisted of non life insurance and US$1.881 billion of life insurance.
Under the reign of military government, the insurance markets of Chile were opened to foreign organizations. The market was liberalized and privatized. Presently, there are more than 30 private insurance companies in Chile that offer life insurance services. Various European companies and the traditional U.S. Insurers are strong competitors of the Chilean Insurances companies. The Superintendent of Security Markets and Insurance Companies contemplates Chile Insurance Market. The Chile Insurance market is large and feature competitive environment. Presently, numerous foreign insurers function in Chile either independently or in association with domestic organizations.
Liberty Compañía de Seguros Generales S.A. is a chief insurance company of Chile Insurance.
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