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Argentina

Argentina

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Argentina Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Argentina includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Argentina can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP (USD)
Insurance Penetration (%)
GMT-3
Buenos Aires
ARS
45.61 mn
(6.03)%
34.77%
9,582.04
2.82

Argentina is the second largest insurance market in Latin America after Brazil.  It remains fragmented with 189 insurers authorised to operate in June 2018 (225 in June 2000). Of these, 121 were non-life including composites, 13 were specialist workers' compensation (WC) insurers (ARTs) and five were public vehicle passenger insurers. 

Most business is handled by brokers and agents, with the former encroaching more and more on agents' traditional small and medium-sized business segment. Bancassurance has retracted slightly, but still handles some personal lines insurances, which are also sold through retail outlets and public utilities. Despite the increasing use of the internet, sales of non-life products through this channel are not yet significant.

Exposure of the insurance market to natural hazards is fairly low, as illustrated by the worst drought for some 50 years in 2018, where an estimated economic loss of USD 5.1bn saw estimated insurance losses of only USD 200mn. Earthquakes usually occur in the sparsely populated areas near the Chilean border in the northwest. Floods are a seasonal and predictable peril, affecting provinces along the Uruguay and Parana rivers. Damage is often uninsured. While windstorm is not a serious problem, hail has been known to cause serious insurance losses, not least in the agricultural sector

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