Business slowdown underway in local markets

Early signs of a reduction in insurance spend in Chile do not bode well for the rest of the Latin America region

Chilean insurance brokers linked to major international insurers, directly consulted by WIR, report that customer resistance to insurance spending has already hit the local market. There appears to be a dearth of requests for quotes on new group policies, and an increasing number of existing policyholders, including individuals and small companies, are falling behind in their payments.