Market Report, "Argentina Insurance Report Q1 2010", published

PRLog (Press Release) - Jan 02, 2010 -
This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or the national insurance trade association). In Argentina, for instance, the three largest insurance providers in the first quarter of 2009 - in terms of Gross Written premiums - were Federación Patronal, Caja Generales, and MAPFRE, with 6.2%, 6.2% and 4.0% market share respectively. Over time, we hope to derive insights from observing how market shares change. We emphasise though, that a decline in share of Gross Written Premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines. Writing in November 2009, we have been able to ensure that the report includes actual data for 2008. According to the Superintendencia de Seguros de la Nación (SSN - the regulator), total non-life premiums amounted to ARS22,377mn in the year to 30 June 2009, from ARS17,769mn in the year to 30 June 2008. Life and retirement savings premiums combined amounted to ARS6,539mn in the year to 30 June 2008, but only ARS5,699mn in the year to 30 June 2009. We have generally been able to use data that has been published over the course of 2009 to adjust our forecasts for the year as a whole. For Argentina we are looking for total 2009 premiums of ARS28,562mn. This includes non-life premiums of ARS22,942mn and life premiums of ARS5,620mn. We have also extended the forecasts out to 2014. In 2014, the corresponding figures should be ARS71,745mn, with non-life premiums of ARS52,282mn and life premiums of ARS19,463mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 1.69% in 2009 to 1.60% in 2014, and for life density to rise from US$39 to US$92. BMI's proprietary Insurance Business Environment Rating for Argentina (IBER) is 53.0. This quarter, we include a discussion of developments within regional markets - on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. One highlight has been the performance over the first nine months of 2009 of Spain's MAPFRE, arguably the leading cross-border insurance group in Latin America. Life premiums written in Latin America for the period amounted to EUR715mn, or 24.2% more than in the previous corresponding period, with 10% growth in the Argentine market.

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Report Table of Contents:

Executive Summary
Table: Overview Of Argentina's Insurance Sector
- Key Insights On Argentina's Insurance Sector
- SWOT Analysis
- Argentina Insurance Industry SWOT
- Argentina Political SWOT
- Argentina Economic SWOT
- Argentina Business Environment SWOT
- Global Outlook
- Regional Overview
Table: MAPFRE AMÉRICA - Gross Written Premiums, 2008 And 2009* (EURmn)
- Projections And Forecasts
Table: Insurance Data And Projections, 2005-2014
- Projections And Drivers Of Growth
Table: Growth Drivers, 2005-2014
- Country Update
- Macroeconomic Outlook
Table: Argentina - Economic Activity, 2006 - 2013
- Political Outlook
- Insurance Business Environment Rating
Table: Argentina's Insurance Business Environment Ratings
Table: Latin America And Caribbean Insurance Business Environment Ratings
- Regional Context
Table: Non-Life Premiums In A Regional Context, 2008
Table: Life Premiums In A Regional Context, 2008
- Argentina's Insurance Market Protagonists
Table: Principal Insurance Lines - Gross Written Premiums, Year To March 31 2009 (ARSmn)
Table: Ranking - Gross Written Premiums, Year To March 31 2009 (ARSmn)
- Analysis Of Regional Competitive Conditions
- Local Company Profiles
- Caja Seguros
- Federación Patronal Seguros
- Nación Seguros
- Provincia Seguros
- San Cristóbal Seguros
- La Segunda
- Regional Company Profiles
- AEGON
- AGF
- AIG
- Allianz
- AXA
- Cardif
- CNP
- Generali
- HSBC Insurance
- ING
- Liberty Mutual
- MAPFRE
- MetLife
- New York Life
- Prudential Financial
- QBE
- RSA
- Zurich
- Country Snapshot: Argentina Demographic Data
- Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare
Table: Education
Table: Life Expectancy, 2005-2030
- Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2001-2006
Table: Consumer Expenditure, 2000-2012 (US$)
Table: Average Annual Manufacturing Wages, 1995-2001
- Methodology
- Insurance Business Environment Ratings
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
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