...Stable Rating Outlook: The Rating Outlook for the non-life insurance industry in Chile is consistent with the current outlook for most Chilean entities rated by Fitch Ratings and reflects the greater probability of rating affirmations during 2016. As of Dec. 31, 2015 Fitch rated 15 of 30 non-life insurance companies that accounted for approximately 46% of the segment's gross written premium (GWP). Stable Sector Outlook: The sector's Outlook is Stable, in Fitch's opinion, despite the persistence of the country's restricted economic dynamism in the short term. This reflects the maturity and operational flexibility of the non-life insurance industry, the expectation of improvement in main underwriting ratios and adequate capitalization, as opposed to a more limited growth potential. Adequate and Stable Capitalization: The profitability of the lower industry slightly deteriorated key leverage ratios during 2015 but remained in controlled and stable ranges, and should improve in the face of...
