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���������ֳ�’s Sector Outlook: Worsening ���������ֳ� classifies the Chilean insurance sector as worsening, despite the positive results shown by the industry as of 3Q20. This outlook is based on the challenging operating, economic and regulatory environment the industry is expected to face in 2021, which, according to ���������ֳ�'s projections, could place further pressure on the industry's operations and results. Rating Outlook: Stable The Rating Outlook for the Chilean insurance sector is stable, even though the sector outlook is worsening. ���������ֳ� considers the maturity and expertise of the insurers as they have overseen the market challenges in the short term and reversed the negative aspects in the medium term, with the expectation that the current ratings will be affirmed in the next 12–18 months. ���������ֳ� weighs the positive solvency levels of the rated entities, which allowed these indicators to be maintained during this period. Insurers have shown resilience during 2020 and their capacity to adapt by maintaining operational and net indicators within the ranges considered in our methodology.