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Argentina Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 20
Argentina is regarded as the fourth largest market in Latin America, on account of the industry’s growth, profitability and per capita expenditure on insurance in this region. The insurance market of Argentina is characterized by its small size and fragmented structure, with the general (non-life) insurance segment holding a stronger position as compared to the life insurance segment. The significant growth of the non-life insurance segment is attributed to the continuous economic recovery and positive growth of the credit market. The automobiles industry is major contributor to the non-life segment, due to the increase in sales of vehicles and the resultant demand for compulsory third party motor and voluntary insurance in the country. Life insurance is mainly supported by the rise in demand for retirement and pension policies, as they are accompanied by tax advantages, while the non-life business mainly thrives on the back of labor-risk insurance plans.
According to the market experts, growth of the non-life segment mainly comes from the increase in private demand, improvement in foreign trade, changes in investment habits, as well as an increase in domestic savings. The insurance density in Argentina has witnessed a continuous growth due to strong GDP growth and higher salaries, which have further added to the growth of this sector. The non-life insurance segment is characterized by its fragmented structure. Mapfre is the largest companies in the general insurance segment, while in the life insurance segment, the top 10 companies constitute more than half of the market share, with La Caja Seguros as the major player.
The present report offers an overview of the Argentinean insurance market along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments, and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of Argentina’s insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments: life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable has been analyzed using standard SPSS output, including charts, tables and tests.
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