By March 2025, Argentina's insurance market recorded a total of USD 12.36 billion in net written premiums across life, non-life, and workers' compensation (ART) segments. This figure represents a nominal year-over-year growth of 28.4% in USD terms. When expressed in local currency, total net written premiums reached ARS 13.5 trillion, marking a 60.3% nominal increase compared to the same period in 2024. The market remains one of the largest in Latin America, both in volume and in the number of players. With 195 active insurers, Argentina accounts for approximately 31% of all insurance companies operating in the region.
The market remains highly fragmented, with the top 10 insurers concentrating just under half of the total market. Federación Patronal leads the industry with a 9.7% market share, followed by Sancor Seguros (6.9%), Prevención ART (5.4%), and La Caja (5.3%). Completing the top ten are Provincia ART, San Cristóbal, Zurich, La Segunda, Bernardino Rivadavia, and Mercantil Andina. Collectively, these ten companies account for 49.6% of total market share.
When analyzing year-over-year changes in market share, Galicia Seguros stands out, having gained 1.8 percentage points, largely due to merger and acquisition activity. Federación Patronal also expanded its market share by 1.2 points, further consolidating its leadership. Other notable gainers include Prevención ART, San Cristóbal, Life, Triunfo, Andina ART, Mercantil Andina, Horizonte, and Swiss Medical ART. Together, these ten players captured an additional 6.0% of market share over the past year.
Market Overview - Key Performance Indicators
From a balance sheet perspective, the sector’s total assets rose to ARS 24.1 trillion, reflecting a 49% nominal annual increase, though in real terms this translates to a contraction of 4.3%. Net equity increased by 45% nominally, reaching ARS 8.1 trillion, but this too shows a real decline of 6.9%. Debts with policyholders saw a sharp 77% nominal increase, rising to ARS 6.9 trillion, which represents a significant real growth of 13.6%.
Premiums earned totaled ARS 12.1 trillion as of March 2025, growing 53% in nominal terms, though slightly down by 2% in real terms. Claims incurred grew dramatically, from ARS 2.8 trillion to ARS 7.0 trillion, representing a 149% nominal surge and a real increase of 59.6%. This steep rise in claims heavily impacted technical performance.
As a result, the sector’s technical result plummeted from ARS 2.3 trillion to just ARS 73 billion, a 97% decline in both nominal and real terms. The financial structure result, although still negative, improved by 83% nominally, from ARS -2.1 trillion to ARS -361 billion, showing an almost 89% improvement in real terms. Nevertheless, the bottom line remained in the red, with the overall result for the period worsening from a loss of ARS 115 billion in March 2024 to a loss of ARS 341 billion in March 2025, reflecting a 197% nominal deterioration and a 90.2% decline in real terms.
In summary, while the Argentine insurance market showed strong nominal growth in premiums and assets, the profitability and technical results deteriorated sharply due to inflationary pressures and an extraordinary rise in claims. Market concentration remains low, and M&A activity is beginning to shape a new competitive dynamic among leading insurers.