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  4. > Argentina Insurance Report Q1 2016

Argentina Insurance Report Q1 2016

  • December 2015
  • -
  • Business Monitor International
  • -
  • 57 pages

Includes 3 FREE quarterly updates

BMI View: Argentina's insurance sector is feeling the effects of the economic headwindscurrently buffeting the country, as both life and non-life insurers continue to find their earning powereroded by high inflation and depreciation of the Argentine peso. However, we see a number of positives forthe industry over the next few years as economic output accelerates and a thawing consumer environmentdrives spending on motor insurance and other personal covers. In the life segment a robust market forgroup policies is emerging, which should support growth in premiums in absolute terms over the next fewyears. Nevertheless, we maintain our view that the operating environment for insurers will remainextremely challenging for the foreseeable future and will therefore see limited interest from new entrantsand investors.

- In October 2015, it was reported that Argentina's insurance industry was considering taking legal actionagainst the government following a ruling enforced by the insurance regulator requiring companies to sellUSD denominated or linked bonds. The move is part of wider efforts by the government to limit theamount of foreign currency assets local companies hold in order to shore up the Argentine peso, whichhas suffered significant depreciation over recent months. The ongoing impact of this currency marketfluctuation continues to be felt across the insurance industry. Companies are battling the effects of highinflation on claims levels and overheads by passing on rising costs to consumers.

- However, we have made several revisions to our life and non-life sector forecasts for this quarter, ascurrency market movements have eroded the USD value of premiums written in local currency. Weforecast life insurance premiums to grow by 0.8% y-o-y on average over 2015-2019 to reach USD2.3bn.Non-life premiums will expand by 1.6% y-o-y over the period to USD11.9bn.

Table Of Contents

Argentina Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Argentina 2012-2019) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Argentina 2012-2019) 12
Table: Life Insurance Claims (Argentina 2007-2014) 13
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Argentina 2012-2019) 16
Table: Non-Life Insurance Claims (Argentina 2008-2014) 18
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums By Product Line (Argentina 2012-2019) 26
Insurance Risk/Reward Index 28
Latin America Insurance Risk/Reward Index 28
Table: Latin America and the Caribbean Insurance Risk/Reward Index 29
Market Overview 30
Life Market Overview 30
The Product Offering 30
The Competitive Landscape 31
Table: Life insurance market shares (USDmn), 2012-2014 32
Non-Life Market Overview 33
The Product Offering 33
The Competitive Landscape 34
Table: Non-Life Market Share (USDmn) 2012-2014 34
Company Profile 37
Grupo La Caja 37
Grupo Sancor Seguros 40
MAPFRE Argentina 43
QBE Insurance Group 45
Zurich Argentina 48
Methodology 51
Industry Forecast Methodology 51
Risk/Reward Index Methodology 54
Table: Indicators 56
Table: Weighting of Indicators 57

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