Life insurance - Argentina | Statista Market Forecast

The Life insurance market market in Argentina is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$1.82bn by 2024.
This indicates a positive trend in the demand for Life insurance market policies in the country.
Furthermore, the average spending per capita in the Life insurance market market is estimated to be US$39.44 in 2024.
This demonstrates the willingness of individuals in Argentina to invest in Life insurance market for their financial security and protection.
Looking ahead, the market is anticipated to maintain a steady growth rate, with a projected annual growth rate (CAGR 2024-2029) of 2.29%.
This consistent growth trajectory is expected to contribute to a market volume of US$1.82bn by 2029.
It is worth noting that in global comparison, the United States is expected to generate the highest gross written premium in the Life insurance market market, amounting to US$1.3tn in 2024.
This highlights the dominance of the United States in the global Life insurance market industry.
In summary, the Life insurance market market in Argentina is poised for growth, with increasing market size, per capita spending, and a positive growth rate.
As individuals prioritize their financial well-being, the demand for Life insurance market policies is expected to continue rising in the country.
Argentina's life insurance market is experiencing a surge in demand due to an aging population and a growing awareness of the importance of financial security.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. 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.

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, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

Over the past few years, the Life insurance market in Argentina has shown significant growth and development. Customer preferences in the Argentine Life insurance market are shifting towards more comprehensive coverage options that provide not only financial security for the policyholder's loved ones in the event of death, but also investment and savings components. This trend mirrors the global movement towards holistic insurance products that offer multiple benefits to policyholders. Trends in the market indicate a rise in the adoption of digital channels for purchasing Life insurance policies in Argentina. Customers are increasingly turning to online platforms to research, compare, and buy insurance products, driven by the convenience and transparency offered by digital channels. Insurers in the country are responding to this trend by enhancing their online presence and investing in digital capabilities to cater to the evolving needs of customers. Local special circumstances, such as regulatory changes and economic fluctuations, play a significant role in shaping the Life insurance market in Argentina. Regulatory reforms aimed at increasing transparency and consumer protection have influenced product offerings and distribution strategies in the market. Economic factors, such as inflation and currency devaluation, have also impacted the affordability and demand for insurance products among Argentine consumers. Underlying macroeconomic factors, including GDP growth, unemployment rates, and interest rates, have a direct impact on the performance of the Life insurance market in Argentina. A growing economy with low unemployment rates generally leads to higher disposable income levels, which can drive the demand for insurance products. Conversely, economic downturns and high inflation rates may constrain consumer spending and limit the growth potential of the insurance market. Overall, the Life insurance market in Argentina is experiencing dynamic changes driven by evolving customer preferences, technological advancements, regulatory developments, and macroeconomic conditions. Insurers in the country must continue to adapt to these trends and factors to effectively meet the needs of customers and sustain growth in the market.

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.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.