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Argentina Insurance Report Q1 2010
Business Monitor International, Dec 2009, Pages: 88
Argentina Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Argentina's insurance industry.
This report differs from its predecessors in several respects. In the analysis of competitive conditions, the authors provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or the national insurance trade association). In Argentina, for instance, the three largest insurance providers in the first quarter of 2009 – in terms of Gross Written premiums – were Federación Patronal, Caja Generales, and MAPFRE, with 6.2%, 6.2% and 4.0% market share respectively. Over time, the authors hope to derive insights from observing how market shares change. They emphasise though, that a decline in share of Gross Written Premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines. Writing in November 2009, the authors have been able to ensure that the report includes actual data for 2008. According to the Superintendencia de Seguros de la Nación (SSN – the regulator), total non-life premiums amounted to ARS22,377mn in the year to 30 June 2009, from ARS17,769mn in the year to 30 June 2008. Life and retirement savings premiums combined amounted to ARS6,539mn in the year to 30 June 2008, but only ARS5,699mn in the year to 30 June 2009.
The authors have generally been able to use data that has been published over the course of 2009 to adjust the forecasts for the year as a whole. For Argentina they are looking for total 2009 premiums of ARS28,562mn. This includes non-life premiums of ARS22,942mn and life premiums of ARS5,620mn. They have also extended the forecasts out to 2014. In 2014, the corresponding figures should be ARS71,745mn, with non-life premiums of ARS52,282mn and life premiums of ARS19,463mn. In terms of the key drivers that underpin the forecasts, they are looking for non-life penetration to rise from 1.69% in 2009 to 1.60% in 2014, and for life density to rise from US$39 to US$92. The proprietary Insurance Business Environment Rating for Argentina (IBER) is 53.0.
This quarter, the report includes a discussion of developments within regional markets – on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. One highlight has been the performance over the first nine months of 2009 of Spain’s MAPFRE, arguably the leading cross-border insurance group in Latin America. Life premiums written in Latin America for the period amounted to EUR715mn, or 24.2% more than in the previous corresponding period, with 10% growth in the Argentine market.
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