Chile
News

Insurers to complete credit card survey Aug.

Bnamericas Published: Saturday, May 31, 2003
Around 11 Chilean insurance companies are expected to complete a credit card market study in August designed to determine the economic viability of an entry into the local plastic card market, local daily La Segunda reported. Securities and insurance regulator, the SVS, last year authorized insurers to issue credit cards. "The study is advancing as planned but every step has to be meticulous although we still expect to reach our conclusions by August," said Juan Luis Kostner, executive director of Gemines Management Consultancy, the firm charged with coordinating the survey. The survey has concentrated on the commercial and operational viability of the proposed entry into the local credit card segment, Kostner said, adding that the question of whether the insurers will enter the market independently or through local card administrator Transbank is yet to be resolved. Insurers are hesitant to form an alliance with Transbank, which is controlled by local banks, because they fear the card administrator could become a major competitor in the future. On the commercial side, credit card use in Chile is relatively low which in theory reflects a sufficient margin for market growth, he added. The 11 local insurers awaiting the study's results include: Consorcio, Cruz del Sur, Mapfre, Las Americas, Ohio, Principal, La Construccion, Magallanes and Continental.

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