Argentina Insurance Report Q2 2009

The Sector At A Glance ........................................5
Table: Overview Of Argentina’s Insurance Sector ........ 5
Key Insights On Argentina’s Insurance Sector .............. 5
SWOT Analysis.........7
Argentina Insurance Industry SWOT ............................. 7
Argentina Political SWOT ............................................. 7
Argentina Economic SWOT ........................................... 8
Argentina Business Environment SWOT........................ 8
Development Of BMI’s Insurance Reports ..........9
Comment – The Global Financial Crisis ....................... 9
Table: Selected European Countries: Budget And Current Account, 2008 (as % of GDP) .................................... 11
Revision Of Data And Forecasts.................................. 14
Projections And Forecasts.................................15
Table: Insurance Data And Projections, 2006-2013.... 15
Projections And Drivers Of Growth............................. 15
Table: Growth Drivers, 2006-2013.............................. 16
Country Update ......17
Macroeconomic Outlook.............................................. 17
Table: Argentina – Economic Activity, 2006-2013 ...... 19
Political Outlook............. 19
Insurance Business Environment Rating ..........22
Table: Argentina’s Insurance Business Environment ............................................... 22
Table: Latin America Insurance Business Environment Rankings............................. 23
Regional Context....24
Table: Non-Life Premiums In A Regional Context, 2008.......................................... 24
Table: Life Premiums In A Regional Context, 2008..... 25
Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006 ................... 25
Analysis Of Competitive Conditions..................26
Regional Overview.......... 26
Company Profiles...30
AEGON........................... 30
AGF................................ 31
AIG................................. 32
Allianz............................. 35
AXA................................. 37
Cardif.............................. 38
CNP................................ 41
Generali.......................... 43
HDI-Gerling ................... 46
HSBC Insurance ............. 49
ING................................. 51
Liberty Mutual ................ 53
MAPFRE......................... 55
MetLife............................ 57
New York Life ................. 60
Prudential Financial....... 62
QBE................................ 65
RSA................................. 66
The Hartford................... 67
The Principal .................. 68
Zurich ............................. 69
Country Snapshot: Argentina Demographic Data .........................................71
Section 1: Population...... 71
Table: Demographic Indicators, 2005-2030................ 71
Table: Rural/Urban Breakdown, 2005-2030 ............... 72
Section 2: Education And Healthcare.......................... 72
Table: Education ............ 72
Table: Life Expectancy, 2005-2030 ............................. 72
Section 3: Labour Market And Spending Power .......... 73
Table: Employment Indicators, 2001-2006.................. 73
Table: Consumer Expenditure, 2000-2012 (US$) ........ 73
Table: Average Annual Manufacturing Wages, 1995-2001 ...................................... 74
Methodology...........75
Basis Of Projections ....... 75
Insurance Business Environment Rating...................... 76
Table: Insurance Business Environment Indicators And Rationale ........................... 77
Table: Weighting Of Indicators ................................... 78