Argentina Insurance, Companies & Insurance Quote
Insurance in Argentina is done synchronizing several resolutions and acts issued by insurance regulator. As per law, assets and individuals domiciled in Argentina are expected to be insured by any of the Argentina insurance company.
As a result, one must find local insurance providers in Argentina from registered companies. Finding registered insurers is mandatory as only admitted insurers are given the right to write insurance contracts.
The insurance premiums totaled 36.9bn pesos that are US$9.35bn through July representing an increase of 8.9%. Premiums in July alone amounted to 3.49bn pesos that are high by 10.5% in comparison to the earlier month June.
The P&C premiums also showed an increase in July reaching to 2.84bn pesos representing 12.0% in comparison to the earlier month June that had car premiums to 1.23bn pesos.
Life premiums also increased by 2.1% reaching 579mn pesos and the retirement insurance also spiking to 69.7mn pesos showing an up of 30.5% as per the SSN studies.
Top Insurance Providers
The insurance market has relatively big numbers of insurers and no single organization dominates the industry. However, during 1994 to 1997, the number of insurers was reduced, but in 2001 it was found that nearly $2.5 billion was written in life insurance premiums of Argentina.
The top insurance providers in Argentina are Liberty Seguros that writes commercial and personal automobile insurance as well as homeowners insurance.
Chub Argentina de Seguros is doing insurance in Argentina and belongs to the Chubb group of insurance companies. It has won the trust of good customers by offering innovative products and efficient administration.
The other insurance company located in Argentina is the Generali Corporate, an Italy based insurance company, the 3rd largest in Europe that writes risks for space launches, satellite and also offers corporate package policies.
Met Life Argentina is in Brazil and an integral part of Metropolitan Life Insurance Company. It offers innovative products and is working to reach the number of customers by 2010 to 100 million.
Laws & regulations
Insurance in Argentina is bound by law and regulations, and violating it results in consequences such as paying a fine up to 25 times the premium value on the insured as well as the intermediary, besides the policy will be regarded null under the law.
Adding to this, the Argentina insurance company is liable to pay up to ARG$100,000 as fine and this includes officers, directors and other employees holding similar positions. This is the reason that Insurance in Argentina is expected to be done precisely.