Best’s Market Segment Report: AM Best Maintains Negative Outlook on Argentina’s Insurance Industry Amid COVID-19 Pandemic
In a Best’s Market Segment Report, AM Best states that it expects the protracted recession to challenge insurers’ premium growth, and the impact of the COVID-19 pandemic to vary by business line. Argentina’s non-life market, which accounts for the bulk of gross premiums, is expected to face declining growth prospects and rising costs for automobile spare parts, driven by disrupted supply chains and continued currency devaluation.
Life insurance companies continue to face declining bond market values and asset-liability mismatches owing to debt tenor extensions and negative yields. Solvency and liquidity issues for the life segment could be exacerbated despite an initiative placing higher tax deductibles on premiums to promote policyholder savings, while increasing the industry’s organic growth and investment base.
The COVID-19 pandemic will test the enterprise risk management capabilities of insurers operating in
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To view current Best’s Market Segment Outlooks, please visit http://www.ambest.com/ratings/RatingOutlook.asp.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Financial Analyst
+52 55 1102 2720, ext. 108
salvador.smith@ambest.com
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source: AM Best
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