BancoEstado brokerage expects to boost premiums by 11% this year

Monday, February 28, 2011

The insurance brokerage of Chilean state bank BancoEstado expects to increase premiums by 11% this year, the subsidiary's commercial manager, Joaquín Alegría, told BNamericas.

BancoEstado Corredores de Seguros finished last year with 110bn pesos (US$232mn) in premiums, which was flat on 2009.

The company expects to increase the customer base to 2.2mn, from 2mn last year, and the number of policies to 5mn from 4.53mn, the executive said.

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Growth this year will be driven by policies linked to the bank's consumer and mortgage loans, such as life, unemployment, grave illness, hospitalization, fire and earthquake insurance, Alegría said.

The brokerage will especially focus on boosting sales of life, hospitalization, education, fire and earthquake insurance, he said.

BancoEstado Corredores de Seguros is one of the largest insurance brokerages in Chile. US insurer MetLife (NYSE: MET) holds a 49.9% stake in the company.