Chile: Insurance Laws and Products

Even if the insured losses from the Chile earthquake fall in the mid-range of current estimates of between US$ 2 billion and US$ 8 billion, it will outpace Hurricane Wilma as the most expensive insured event in Latin America’s history, according to a release by reinsurance broker Cooper Gay.

Earlier this year, a Chilean court found an insurance broker liable to an insurance beneficiary for failing to obtain the insurance coverage requested, which led to the insurer denying the beneficiary's claim for disability benefits.

By most measures, Chile is considered the third largest insurance market in Latin America. It is widely considered to have the most stable market and political environment in the region.