Market Size of Argentina Life & Non-Life Insurance Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 15.01 Billion |
| Market Size (2029) | USD 24.30 Billion |
| CAGR (2024 - 2029) | 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Argentina Life & Non Life Insurance Market Analysis
The Argentina Life & Non-Life Insurance Market size is estimated at USD 15.01 billion in 2024, and is expected to reach USD 24.30 billion by 2029, growing at a CAGR of 8% during the forecast period (2024-2029).
Argentina witnessed a significant increase in the number of start-ups in the financial and insurance industries in the last few months. The total number of companies that operated in the Argentina insurance market in 2021 amounted to 207, 191 being from insurance entities and 16 local reinsurers. The intermediation in the market is in the hands of the advisers that produce insurance (individuals and legal entities) and reinsurance intermediaries that, in total, reached 44,556 agents, of which 44,531 are in the insurance area, and 25 are reinsurance intermediaries.
The COVID-19 pandemic set the path for enhanced operational performance and efficiency through digital channels and technology improvements. For example, La Caja signed an arrangement with Mercado Libre, the largest e-commerce platform in Latin America, to promote its non-life insurance business. The digital platform will allow users to browse rates and insure their auto and house policies online.
Motor insurance is expected to witness significant growth; Argentina's government intends to implement a new tax scheme that would target polluting vehicles. Over the next few years, the demand for automobile insurance is likely to be driven by the introduction of usage-based insurance (UBI) and technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and online pricing comparison.
Argentina Life & Non Life Insurance Industry Segmentation
Life insurance provides a lump sum of the sum assured at maturity or in case of the policyholder's death. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset.
The Argentinian life and non-life insurance market is segmented by insurance type (life insurance (individual and group), non-life insurance (motor, home, marine, health, and other non-life insurances)), and by distribution channel (direct, agency, banks, online, and other distribution channels).
The report offers market size and forecasts for Argentina's Life and non-life Insurance Market in value (USD) for all the above segments.
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Argentina Life & Non-Life Insurance Market Size Summary
The Argentina Life and Non-Life Insurance Market is poised for substantial growth over the forecast period, driven by a surge in digital transformation and technological advancements. The market has seen a notable increase in the number of start-ups within the financial and insurance sectors, contributing to a dynamic landscape. The COVID-19 pandemic accelerated the adoption of digital channels, with companies like La Caja leveraging partnerships with e-commerce platforms to enhance their non-life insurance offerings. The introduction of usage-based insurance and the integration of technologies such as IoT and AI are expected to further propel the demand for motor insurance. Additionally, initiatives like the Inter-American Development Bank's loan for digital infrastructure improvements and the expansion of the Federal Fiber Optic Network are set to enhance connectivity and digitization across the country.
The Argentine insurance market is characterized by a mix of established players and emerging InsurTech companies, with significant contributions from major firms such as Mercantil Andina, Marsh McLennan, and Sancor Seguros. The Superintendencia de Seguros de la Nacion's InsurTech Innovation Hub exemplifies the country's commitment to fostering technological innovation in the insurance sector. Collaborations, such as Seguros Sura's partnership with Akur8 to automate pricing processes, highlight the ongoing efforts to enhance operational efficiency. The market's growth is further supported by strategic initiatives and product innovations, as seen in La Segunda's new crop protection features, which reflect a broader trend towards integrating advanced solutions to meet evolving consumer needs.
Argentina Life & Non-Life Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitutes
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1.4.5 Intensity of Competitive Rivalry
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1.5 Insights on Regulatory Landscape and Industry Policies Guiding The Industry Practices
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1.6 Insights on Impact of Technology and Innovation in the Market
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Life insurance
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2.1.1.1 Individual
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2.1.1.2 Group
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2.1.2 Non- life insurance
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2.1.2.1 Motor
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2.1.2.2 Home
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2.1.2.3 Marine
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2.1.2.4 Health
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2.1.2.5 Rest of Non-Life Insurance
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2.2 By Distribution Channel
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2.2.1 Direct
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2.2.2 Agents
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2.2.3 Banks
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2.2.4 Online
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2.2.5 Other Distribution Channels
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Argentina Life & Non-Life Insurance Market Size FAQs
How big is the Argentina Life & Non-Life Insurance Market?
The Argentina Life & Non-Life Insurance Market size is expected to reach USD 15.01 billion in 2024 and grow at a CAGR of 8% to reach USD 24.30 billion by 2029.
What is the current Argentina Life & Non-Life Insurance Market size?
In 2024, the Argentina Life & Non-Life Insurance Market size is expected to reach USD 15.01 billion.
