Argentina Insurance Report Q3 2010

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Writing in April 2010, we have been able to ensure that the report includes actual data for July 2008-June 2009 (the 2009 financial year for the Argentine insurance industry). According to the regulator, the Superintendencia de Seguros de la Nación (SSN), total non-life premiums amounted to ARS22,377mn in the 12 months to June 30 2009, up from ARS17,769mn in the year to June 30 2008. Life and retirement savings premiums combined amounted to ARS6,539mn in the year to June 30 2008, but only ARS5,699mn in the year to June 30 2009.

In the year to June 30 2014 the figures should be ARS57,407mn in non-life premiums and life premiums of ARS10,727mn. In terms of the key drivers that underpin our forecasts, we forecast that non-life penetration will rise from 1.66% in 2009 to 1.70% in 2014, and that life density will rise from US$38 to US$55.

BMI’s proprietary Insurance Business Environment Rating for Argentina (IBER) is 52.0 out of 100. In absolute and local currency terms, Argentina’s non-life segment has almost trebled in size since the end of 2005. Meanwhile, the life segment has grown by less than one-third. Given Argentina’s history of financial instability and the hugely controversial nationalisation of the private pension funds in late 2008 it is perhaps not surprising that the perennially under-developed life segment has lagged behind. Nevertheless, life premiums grew by 25% in 2007 and a very respectable 15% in 2008, in peso terms. However, growth of life insurance stopped in 2009. In January 2010 the latest figures from the SSN indicated that gross written premiums in the life segment over the 12 months to the end of November 2009 were ARS5,445mn. In terms of gross written premiums, it appears that the life segment shrank by around 15% in 2008 in local currency terms and by more in US dollar terms.

Meanwhile, the non-life segment continues to grow apace. The SSN’s figures indicated that non-life premiums in the 12 months to the end of November 2009 were ARS23,965mn. In other words, it appears that non-life premiums in 2009 were about 30% higher than they had been in 2008. The SSN’s latest figures for market shares (in relation to the year to June 30 2009) highlight three aspects of Argentina’s insurance sector. First, the overall market remains 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 between 6% and 8%, while HSBC La Buenos Aires, La Segunda, La Meridional, Provincia Seguros, Zurich and San Cristóbal each have market shares of between 3% and 5%.

Most of the 176 companies identified by the regulator as active in the middle of 2009, including separately shown subsidiaries providing life insurance/retirement products and work risks insurance (ART, to use its Spanish initials) are tiny. In terms of net worth, the largest two insurers - Sancor and La Caja - are the largest, with funds of ARS368mn and ARS341mn, respectively, at the end of June 2009. The net worth of each of the next eight largest companies ranged between ARS180mn and ARS275mn. For all the recent growth, Argentina’s insurers are small organisations by virtually any standard. Second, rankings within insurance lines vary markedly, as the following table shows. Third, growth rates have varied quite markedly between companies, as the table below shows.

Table of Content

Executive Summary

Table: Overview Of Argentina’s Insurance Sector
Key Insights On Argentina’s Insurance Sector
Table: The Top Players In Argentina’s Insurance Sector, By Line
Table: Argentina’s 10 Largest Insurers’s Growth In Gross Premiums, 12 Months To June 30 2009 (%)
Issues To Watch
SWOT Analysis
Argentina Insurance Industry SWOT
Argentina Political SWOT
Argentina Economic SWOT
Argentina Business Environment SWOT
MetLife’s Acquisition Of ALICO
Table: ALICO At A Glance
Table: ALICO’s Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
Table: ALICO - A Market Leader In Japan
Table: MetLife’s Acquisition Of ALICO
Table: MetLife And ALICO Combined
Regional Overview
Table: MAPFRE AMÉRICA’s Gross Written Premiums, 2008 And 2009* (EURmn)
Projections And Forecasts
Table: Insurance Premiums, 2006-2014
Projections And Drivers Of Growth
Table: Growth Drivers, 2006-2014
Country Update
Macroeconomic Outlook
Table: Argentina - Economic Activity, 2006-2014
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, 12 Months To March 31 2009 (ARSmn)
Table: Gross Written Premiums By Company, 12 MonthsTo March 31 2009 (ARSmn)
Analysis Of Regional Competitive Conditions
Local Company Profiles
Caja Seguros (La Caja)
Federación Patronal Seguros
Nación Seguros
Provincia Seguros
San Cristóbal Seguros
Sancor Seguros
La Segunda
Regional Company Profiles
ALICO
Allianz
Cardif
CNP
Generali
HSBC Insurance
ING
Liberty Mutual
MAPFRE
MetLife
New York Life
Prudential Financial
QBE
RSA
Zurich
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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