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World Insurance Report

Chilean health insurers confirm plunge in 2007 earnings

Operational earnings were down 65% • More newcomers start-up in Chile • Micro insurance venture opens in Peru • Nat cat cover launched in response to Ecuador flood risk • Bolivian insurers report 9% drop in 2007 premiums

As forecast earlier by the industry association, the publication of 2007 results by Chile’s health insurers (ISAPRES) confirmed the near-halving of earnings compared to the previous year. Revenue was up only 5.3% to US$2.09bn, and operational earnings fell by 65% to US$28.65mn. With the number of sickness benefit claims up by 15.4%, and the cost of medical procedures rising 6.4%, net earnings dropped by 44.6% to US$52mn. Two companies (ING and Normedica) made losses.

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