Argentina Insurance Report Q2 2012
Business Monitor International, February 2012, Pages: 65
Business Monitor International's 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.
For much of the last decade, the main themes in Argentina’s insurance sector have remained the same. Some are positive. The absolute size of the economy, and level of per capita income, are such that the country will always be a medium-sized, but emphatically not small, national market. The stabilisation of the economy since the crisis of 2001-02, and subsequent growth have meant that, in absolute terms, premiums have grown rapidly. Often as a result of corporate decisions made in the 1990s, if not before, multi-national insurers are well represented in Argentina. Many of the leading local groups benefit from their association with government-backed financial institutions, from the support of policy-holders who see their own interests as being closely aligned with the mutual insurers who underwrite their risks and/or strong brand names.
The negative factors are also crucial. Both the non-life and the life segments are underdeveloped by many metrics. Argentina’s long and complex history of financial instability means that households are reluctant to use life insurance which, by definition, requires a long-term contract between the client and the underwriter of the risk. There appear to be barriers to exit, given that many of the foreign groups who might normally have been expected to focus on the other (numerous) countries – in Latin America and elsewhere – where the commercial opportunities are greater than they are in Argentina have retained a presence. Regulatory changes and policy shifts in the insurance sector – as in the broader financial services industry – are often motivated by economics rather than economic rationalism.
However, we recognise that 2012 may well be a year where Argentina’s insurance sector changes dramatically – for better or worse. The actual move by BBVA, and reported decision by HSBC to sell insurance operations in Argentina may be the opening stages in a process of consolidation, rationalisation and improving profitability. Life insurance has been growing very rapidly over the last year or so. In the event that Argentina’s economy can continue to expand reasonably steadily through 2012 and 2013 (which is not our current expectation), life insurance may – just – develop to the point where it really plays a key role as a channel for organised savings. Alternatively, there is the possibility that government policies – such as the mandated repatriation of assets that are invested abroad and the recent changes to the rules governing purchase of reinsurance – have unexpected and adverse effects.
Executive Summary
Table: Argentina’s Total Premiums, 2008-2016
Key Insights And Key Risks
SWOT Analysis
Argentina Insurance Industry SWOT
Argentina Political SWOT
Argentina Economic SWOT
Argentina Business Environment SWOT
Life
Latin America Life Sector Overview
Table: Latin America Life Premiums, 2008-2016 (US$mn)
Argentina Life Sector Update
Industry Forecast Scenario
Table: Argentina’s Total Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Population
Table: Argentina’s Insurance Key Drivers – Demographics 2008-2016
Non-Life
Latin America Non-Life Sector Overview
Table: Latin America Non-Life Premiums, 2009-2016
Argentina Non-Life Sector Update
Table: Breakdown Of Premiums, 2010 (ARSmn)
Non-Life Industry Forecast Scenario
Table: Argentina’s Total Non-Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Argentina Economic Activity, 2011-2016
Political Stability Outlook
Table: Latin America Security Ratings
Healthcare
Healthcare Insurance
Epidemiology
Table: Argentina – Insurance Key Drivers – Disease Adjusted Life Years, 2009-2016
Motor
Table: Insurance Key Drivers, Autos 2008-2015
Insurance Risk/Reward Ratings
Table: Argentina’s Insurance Risk/Reward Ratings
Table: Latin America Insurance Risk/Reward Ratings
Competitive Landscape
Latin America Competitive Landscape
Major Players In Argentina’s Insurance Sector
Table: Ranking Of Largest Companies By Total Premiums, 2010 (% of premiums)
Company Profiles
Local Company Profiles
Caja Seguros (La Caja)
Federación Patronal Seguros
Nación Seguros
Provincia Seguros
San Cristóbal Seguros
Sancor Seguros
La Segunda
Regional Company Profiles
Allianz
BNP Paribas Cardif
CNP
Generali
HSBC Insurance
ING
Liberty Mutual
Mapfre
MetLife ALICO
New York Life
Prudential Financial
QBE
RSA
Zurich
BMI Methodology
Insurance Risk/Reward Ratings
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
- Caja Seguros (La Caja)
- Federación Patronal Seguros
- Nación Seguros
- Provincia Seguros
- San Cristóbal Seguros
- Sancor Seguros
- La Segunda
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