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Argentina Insurance Report Q1 2011
Business Monitor International, Nov 2010, Pages: 78
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.
Writing in November 2010, we have been able to include the final figures for the 12 months to June 2010 According to the industry regulator, Superintendencia de Seguros de la Nación (SSN), total insurance premiums in the year up to June 2010 amounted to ARS30,562mn. This included non-life premiums of ARS24,330mn. Life and retirement savings premiums combined amounted to ARS6,232mn. By June 2015, we expect that the corresponding figures will be ARS69,167mn, ARS59,467mn and ARS9,700mn.
Underpinning our forecasts is the expectation that non-life penetration will rise gradually from 1.72% of GDP in 2010 to 1.80% in 2015. We forecast life density to rise from the low level of US$39 per capita to US$49 by 2015. BMI’s proprietary Insurance Business Environment Rating (IBER) for Argentina is 52.1.
SSN’s figures for market shares, in relation to the year to June 30 2009, highlight three aspects of Argentina’s insurance sector. First, the overall market remains extraordinarily fragmented. La Caja (the local subsidiary of Generali) was the largest player in terms of total premiums, with an overall share of about 8.5%. Three other groups – Sancor, MAPFRE and Federación Patronal – each had market shares of 6-8%, while HSBC La Buenos Aires, La Segunda, La Meridional, Provincia Seguros, Zurich and San Cristóbal each had market shares of 3-5%.
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