Insurances

The projected market size (gross written premium) of the Insurances market in Argentina is expected to reach US$15.22bn in 2024.
Non-Life Insurances dominates the market with a projected market volume of US$13.41bn in 2024.
The average spending per capita in the Insurances market in Argentina amounts to US$330.50 in 2024.
From a global comparison perspective, it is shown that the highest nominal value is reached the United States, with US$3.8tn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 3.82%, resulting in a market volume of US$18.36bn by 2029.
In global comparison, the United States is projected to generate the highest gross written premium in 2024, with US$3.8tn.
Argentina's insurance market is experiencing a surge in demand for health insurance due to increasing healthcare costs and a growing awareness of the importance of comprehensive coverage.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Over the past few years, the Insurances market in Argentina has been experiencing significant growth and development. Customer preferences in the insurance market in Argentina are shifting towards more comprehensive coverage options that provide a wider range of benefits and protections. Customers are increasingly looking for policies that offer not only traditional coverage for health and property, but also more specialized insurance products such as cyber insurance and travel insurance. Trends in the market show a notable increase in the adoption of digital channels for purchasing insurance policies and managing claims. Insurers in Argentina are leveraging technology to streamline processes, improve customer experience, and offer more personalized products. Additionally, there is a growing trend towards sustainable and socially responsible insurance practices in the country. Local special circumstances, such as regulatory changes and economic fluctuations, have also played a role in shaping the insurance market in Argentina. The government's efforts to promote financial inclusion and consumer protection have influenced the way insurance products are designed and marketed in the country. Moreover, the impact of natural disasters and political instability has highlighted the importance of having adequate insurance coverage. Underlying macroeconomic factors, such as inflation rates and currency fluctuations, have had a significant impact on the insurance market in Argentina. Economic uncertainties have led to a greater awareness among consumers about the importance of insurance as a risk management tool. As the economy continues to stabilize, there is a growing opportunity for insurers to expand their offerings and reach a larger customer base in the country.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.