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Argentina Insurance Report Q2 2011

Argentina Insurance Report Q2 2011

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Additional Information

Price	$530.00
Publisher	Business Monitor International
Date of Report	Feb 17, 2011

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Quick Overview

Writing in early 2011, the industry regulator, Superintendencia de Seguros de la Nación (SSN) tells us that the sector took total insurance premiums of ARS30,562mn in the year up to June 2010. This 12- month period included non-life premiums of ARS24,330mn and life and retirement savings premiums combined of ARS6,232mn.
Looking further ahead, we expect total insurance premiums to reach ARS69,167mn by June 2015. Nonlife premiums are forecast to be about ARS59,467mn and life and retirement savings premiums combined should achieve ARS9,700mn. Our expectations for the life segment come from a forecast increase in density from just US$39 per capita in 2010 to US$49 by 2015. Non-life penetration is expected to rise slowly from 1.72% of GDP to 1.80% over the same period. BMI’s proprietary Insurance Business Environment Rating for Argentina is 52.1.
Argentina’s insurance sector starts 2011 extraordinarily fragmented. La Caja (the local subsidiary of Generali) is 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 have market shares of 6-8%, while HSBC La Buenos Aires, La Segunda, La Meridional, Provincia Seguros, Zurich and San Cristóbal each achieved shares of 3-5%. Many of the companies in the sector are very small, despite the its growth in recent years.

Table of Contents

Summary .......................................................................................................................................................... 5
Table: Overview Of Argentina’s Insurance Sector ............................................................................................................................................... 5
Key Insights On Argentina’s Insurance Sector .......................................................................................................................................................... 6
Table: Top Players In Argentina’s Insurance Sector By Line ............................................................................................................................... 6
Table: 10 Largest Insurers’ Growth In Gross Premiums, 2009 (%) ...................................................................................................................... 7
Issues To Watch ......................................................................................................................................................................................................... 7
Table: Breakdown Of Lines, 2008-2009 (ARSmn) ................................................................................................................................................ 8
SWOT Analysis ................................................................................................................................................ 9
Argentina Insurance Industry SWOT .................................................................................................................................................................... 9
Argentina Political SWOT .................................................................................................................................................................................. 10
Argentina Economic SWOT ................................................................................................................................................................................ 10
Argentina Business Environment SWOT ............................................................................................................................................................. 11
MetLife’s Acquisition Of ALICO .................................................................................................................... 12
Table: ALICO At A Glance ................................................................................................................................................................................. 13
Table: ALICO’s Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%) .......................................................... 14
Table: ALICO – A Market Leader In Japan ........................................................................................................................................................ 14
Table: MetLife’s Acquisition Of ALICO ............................................................................................................................................................. 15
Table: MetLife And ALICO Combined ................................................................................................................................................................ 16
Latin America Market Overview .................................................................................................................... 18
Table: MAPFRE America – Total Premiums, H109 And H110 (EURmn) ........................................................................................................... 18
Table: Latin America – Non-Life Premiums, 2009-2010 (US$mn) ...................................................................................................................... 19
Table: Latin America – Life Premiums, 2009-2010 (US$mn) .............................................................................................................................. 20
Projections And Forecasts ............................................................................................................................ 21
Table: Insurance Premiums, 2007-2015 ............................................................................................................................................................. 21
Projections And Drivers Of Growth ......................................................................................................................................................................... 22
Table: Growth Drivers, 2007-2015 ..................................................................................................................................................................... 22
Country Update ............................................................................................................................................. 23
Macroeconomic Outlook .......................................................................................................................................................................................... 23
Table: Argentina Economic Activity, 2006-2015 ................................................................................................................................................ 25
Political Outlook ...................................................................................................................................................................................................... 25
Long-Term Political Outlook .............................................................................................................................................................................. 27
Insurance Business Environment Ratings .................................................................................................. 30
Table: Argentina’s Insurance Business Environment Rating ............................................................................................................................... 30
Table: Latin America And Caribbean Insurance Business Environment Ratings ................................................................................................ 31
Regional Context ........................................................................................................................................... 32
Table: Non-Life Premiums In A Regional Context, 2009 .................................................................................................................................... 32
Table: Life Premiums In A Regional Context, 2009 ............................................................................................................................................ 33
Major Players In Argentina’s Insurance Sector .......................................................................................... 34
Table: Breakdown Of Premiums, 2010 (ARSmn) ................................................................................................................................................ 34
Table: Ranking Of Largest Companies By Total Premiums, 2010 ....................................................................................................................... 34
Table: Market Rankings Of Top 10 Companies – Work Risks, Q210 ................................................................................................................... 36
Table: Market Rankings Of Top 10 Companies – Group Life, Q210 ................................................................................................................... 37
Table: Market Rankings Of Top 10 Companies – Individual Life, Q210 ............................................................................................................. 37
Analysis Of Regional Competitive Conditions ............................................................................................ 38
Company Profiles .......................................................................................................................................... 42
Local Company Profiles .......................................................................................................................................................................................... 42
Caja Seguros (La Caja) ...................................................................................................................................................................................... 42
Federación Patronal Seguros ............................................................................................................................................................................. 43
Nación Seguros ................................................................................................................................................................................................... 43
Provincia Seguros ............................................................................................................................................................................................... 44
San Cristóbal Seguros ........................................................................................................................................................................................ 45
Sancor Seguros ................................................................................................................................................................................................... 45
La Segunda ......................................................................................................................................................................................................... 46
Regional Company Profiles ..................................................................................................................................................................................... 47
ALICO ................................................................................................................................................................................................................ 47
Allianz ................................................................................................................................................................................................................. 49
Cardif.................................................................................................................................................................................................................. 51
CNP .................................................................................................................................................................................................................... 52
Generali .............................................................................................................................................................................................................. 54
HSBC Insurance ................................................................................................................................................................................................. 55
ING ..................................................................................................................................................................................................................... 56
Liberty Mutual .................................................................................................................................................................................................... 57
MAPFRE............................................................................................................................................................................................................. 59
MetLife ................................................................................................................................................................................................................ 61
New York Life ..................................................................................................................................................................................................... 63
Prudential Financial ........................................................................................................................................................................................... 64
QBE .................................................................................................................................................................................................................... 65
RSA ..................................................................................................................................................................................................................... 67
Zurich ................................................................................................................................................................................................................. 68
Argentina Demographic Data ........................................................................................................................ 69
Section 1: Population .......................................................................................................................................................................................... 69
Table: Demographic Indicators, 2005-2030 ....................................................................................................................................................... 69
Table: Rural/Urban Breakdown, 2005-2030 ...................................................................................................................................................... 70
Section 2: Education And Healthcare ................................................................................................................................................................. 70
Table: Education ................................................................................................................................................................................................ 70
Table: Life Expectancy, 2005-2030 .................................................................................................................................................................... 70
Section 3: Labour Market And Spending Power ................................................................................................................................................. 71
Table: Employment Indicators, 2001-2006 ......................................................................................................................................................... 71
Table: Consumer Expenditure, 2000-2012 (US$) ............................................................................................................................................... 71
Table: Average Annual Manufacturing Wages, 1995-2001 ................................................................................................................................ 72
BMI Methodology .......................................................................................................................................... 73
Insurance Business Environment Ratings ........................................................................................................................................................... 74
Table: Insurance Business Environment Indicators And Rationale ..................................................................................................................... 74
Table: Weighting Of Indicators ..........................................................................................................................................................................