Argentina Insurance Market Intelligence: 2011 Edition

Date: January 22, 2011
Pages: 21
Price:
US$ 600.00
Publisher: Koncept Analytics
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: A03C070A6E6EN
Leaflet:

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Argentina Insurance Market Intelligence: 2011 Edition
Argentina’s insurance industry is regarded as the fourth largest insurance market in Latin America, but it is still relatively small in terms of total premium. The non-life segment constitutes the major share in the market as the life insurance sales in Argentina are still strongly focused on high-income individuals and their families. The main reason being Argentinians still do not consider life insurance products and services as an important method of accomplishing their financial goals.

Argentinean general insurance market has registered significant growth in all branches due to continuous economic recovery and positive growth in the credit market. The Argentine economy is expected to bounce back in 2010 with a growth rate of around 7% in 2010, after being plummeted to 0.9% in 2009 from 6.8% in 2008, However, the main challenge for the insurance industry is the high inflation rate (estimated at around 20-25%) across all segments as inflation is pushing up salaries and increasing claims expenses.

Argentina is one of the least concentrated insurance markets in Latin America. In terms of market share, the Argentina’s insurance market has been quite fragmented, with many small players struggling to obtain a significant share. The insurance industry of Argentina has been growing at a notable rate since 2002, mainly due to increasing wealth and average per capita income, improved sales channel and demand for non-food products, particularly automobile in the country. The growth of automobile sector and the improving healthcare system in Argentina are expected to boost the country’s insurance sector in the coming years.
1. INDUSTRY SNAPSHOT

1.1 Industry Structure
  1.1.1 Relatively smaller insurance market than other Latin American Countries
  1.1.2 Supervised by AACS (Asociación Argentina de Cías de Seguros)
1.2 Market Overview
  1.2.1 Market Size & Growth
    1.2.1.1 Declined total premiums due to financial crisis and high inflation
    1.2.1.2 Nationalization of private pension funds in late 2008
  1.2.2 Market Segments
    1.2.2.1 Dominated by Non-Life Segment, Automobiles as main revenue driver
    1.2.2.2 Recovery in sovereign bonds prices increased pre-tax profits of non-insurers
    1.2.2.3 Life insurances segment affected by fall in private pension fund and crisis
    1.2.2.4 Rise in both claims ratio and operating expenses
    1.2.2.5 Deterioration of combined ration in 2009 vs 2008 due rising claims
  1.2.3 Market Density & Penetration
    1.2.3.1 Varying Penetration Rates, Low Levels
    1.2.3.2 Decrease in insurance density in 2009
  1.2.4 Market Share
    1.2.4.1 Highly fragmented nature of insurance industry with many market players
    1.2.4.2 Caja Seguros and Federacion Patronal are the leading players in non-life
    1.2.4.3 Zurich Life dominated life insurance segment

2. INDUSTRY ANALYSIS

2.1 Industry Developments
  Agreement between the Insurers, the Judiciary and the Superintendence
  Mapfre started pre-paid health service in Argentina
  Argentina's Prepagas Boosted Premium Prices by 12%
  New Measures in Worker’s Compensation Norms
2.2 Market Drivers
  Growth of Automobile Sector
  Improving Healthcare System

3. COUNTRY ANALYSIS: RISK ASSESSMENT

3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections

4. INDUSTRY OUTLOOK: FORECAST AND PROJECTIONS

4.1 Slower growth rate due to recovery in overall economy
4.2 Huge opportunity due to low insurance penetration and lack of public awareness
4.3 Improved stock performance and better returns will increase demand for life products

LIST OF CHARTS:

Annual Premium – Argentina Insurance Industry: 2002-2009
Argentina Insurance Premium Share (%) by Segment – 2009
Argentina Insurance Premium by Segment – 2002-2009
Argentina Non-Life Insurance Premium Share (%) by Segment – 2009
Argentina Life Insurance Premium Share (%) by Segment – 2009
Argentina: Insurance Density (US$): 2002 – 2009
Argentina: Insurance Penetration: 2002 – 2009
Argentina: Major Non-Life Insurer’s Market Share: 2009
Argentina: Major Life Insurer’s Market Share: 2009
Argentina: Motor Sales ('000 Units): 2002 - 2009
Argentina: Healthcare Expenditure (% of GDP): 2003 – 2013F
Forecast: Argentina’s Insurance Premium & Growth: 2008A - 2012F
Forecast: Argentina Life & Non-Life Insurance Industry: 2009A - 2013F

LIST OF TABLES:

Key Macroeconomic Indicators: (2009A – 2014F)
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