Argentina

Axco provides details on the life insurance sector including Argentina market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Argentina, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Argentinian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Argentina report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Summary and Trends

The Argentine insurance market is predominantly non-life-oriented; the proportion of life business including burial and pension business has shown a tendency to decline in recent years, in 2019 representing just 13.76% of total premium income. Life insurance penetration rates remain low partly due to the absence of an insurance culture amongst consumers, but also the consequence of an erratic economic performance that has eroded the attractiveness of long-term saving. In 2019, life insurance premiums totalled ARS 61,652.62mn.

Summary and Trends

In Argentina mandatory social security contributions provide a state-sponsored retirement pension benefit for all employees. Alternative privately-funded company pension plans have little impact in the market and are not widespread.

Demographic trends linked to increased life expectancy have resulted in the state pension system becoming seriously underfunded so that benefits are generally considered to be low. Despite this the government is well aware of the political importance attached to social security, and benefit levels are regularly revised and fairly wide ranging ....

Healthcare provision in Argentina is considered to be segmented, highly fragmented and lacking integration amongst the various subsectors. The healthcare delivery model consists of public sector services, social insurance trusts (obras sociales), charitable institutions and the private sector. Around 54% of the population are covered by the obras sociales whose plans cater for employees in the public and private sector, and their families. In mid-2020 there were some 300 obras sociales of differing scope and size.

Private healthcare provision includes voluntary health insurance plans ....