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Argentina Insurance Report Q1 2014 - New Market Report

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2013-12-11 10:24:21 - Recently published research from Business Monitor International, "Argentina Insurance Report Q1 2014", is now available at Fast Market Research

At first glance, the newsflow from Argentina's insurance sector through 2013 looks good. However, the reality is more nuanced. The Superentendencia de Seguros de la Nacion (SSN, the regulator) has published an ambitious strategic plan for the development of the overall sector. There has been strong growth in premiums in both the non-life and the life segments. Several companies have highlighted that their Argentine businesses are contributing meaningfully to the development of their regional operations. Some players have confirmed that profitability has been improving.

Full Report Details at
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Unlike in other parts of the world in 2011, or Chile in 2010, there have not been major catastrophe losses. In the non-life segment, both RSA and Australia's QBE have made

acquisitions in the recent past that have given them leadership positions. Overall, we would not be surprised if the process of consolidation continued through 2014. Meanwhile, many of the leading local groups continue to benefit from their associations with government-backed financial institutions, from the support of policy-holders who see their own interests as being closely aligned with mutual insurers, and/or strong brand names.

In both of the major segments, premiums have in the recent past been distorted by the high inflation in Argentina (officially 10-11% but widely recognised as being between two and three times as high). However, it appears that many of the companies in the non-life segment have pricing power. Partly for this reason, they have been - and will remain - largely immune to the downturn in sales of autos in Argentina. Sales of cars and other vehicles matter: auto-related lines generate nearly half of all premiums written in the non-life segment. Comments from the companies themselves suggest to us that, for most of them, growth in the recent past has been profitable. We expect that this will continue to be the case.

We think that the apparent size and importance of the life segment has been expanded by inflation in wages and salaries. This is because Argentina's life segment is dominated by group life products, for which premiums/contributions are generally linked to nominal wages. We see no sign of an imminent resolution to the main challenge facing life insurance companies in Argentina: people lack the essential trust and confidence in long-term savings solutions. Past financial crises and investor-unfriendly (but politically expedient) decisions by governments, including the current administration, have constrained the development of financial services generally. For the time being, we remain of the view that this problem will persist through the forecast period

Report Table of Contents:

BMI Industry View
- Table: Total Premiums, 2010-2017
- Insurance
- Political
- Economic
- Business Environment
Industry Forecast
- Life
- Table: Total Life Premiums, 2010-2017
- Non Life
- Table: Total Non-Life Premiums 2010-2017
Industry Risk Reward Ratings
- Latin America Insurance Risk/Reward Ratings
- Table: Latin America Risk/Reward Ratings
- Argentina Insurance Risk/Reward Ratings
- Table: Argentina's Insurance Risk/Reward Ratings
Market Overview
- Life Sector Update
- Non Life Sector Update
Industry Trends And Developments
- Life Growth Drivers and Risk Management Projections
- Population
- Table: Insurance Key Drivers, Demographics 2010-2017
- Non Life Growth Drivers and Risk Management Projections
- Macroeconomic Outlook
- Political Stability Outlook
- Table: Latin America Regional Security Ratings
- Healthcare Insurance
- Epidemiology
- Table: Insurance Key Drivers, Disease Adjusted Life Years 2010-2017
- Autos
- Table: Insurance Key Drivers - Autos, 2010-2017
Competitive Landscape
- Argentina Competitive Landscape
- Latin America Competitive Landscape
Company Profile
- Grupo La Caja
- Grupo Sancor Seguros
- MAPFRE Argentina
- QBE Insurance Group
- Zurich Argentina
Regional Overview
- Latin America Life Sector Overview
- Table: Latin America Life Premiums, 2010-2017 (US$mn)
- Latin America Non Life Sector Overview
- Table: Latin America Non Life Premiums, 2010-2017 (US$mn)
Demographic Forecast
- Table: Argentina's Population By Age Group, 1990-2020 ('000)
- Table: Argentina's Population By Age Group, 1990-2020 (% of total)
- Table: Argentina's Key Population Ratios, 1990-2020
- Table: Argentina's Urban And Rural Population, 1990-2020
- Industry Forecast Methodology
- Risk/Reward Rating Methodology
- Table: Insurance Risk/Reward Ratings Indicators
- Table: Weighting Of Indicators

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at

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