In June 2024, the Argentine insurance market experienced significant growth in premium volumes across all segments. The non-life insurance segment saw an annual increase of 211%, life insurance premiums grew by 175%, and retirement insurance premiums surged by 236%, culminating in an overall market growth of 207%. However, when adjusting for inflation, the real growth paints a more subdued picture. The non-life insurance segment experienced a slight real decrease of 1.8%, life insurance premiums declined by 13.6%, and retirement insurance premiums posted a modest real increase of 6.5%. The overall market, net of inflation, reflected a decrease of 3.3%.
Bancassurance Commissions - AR$ - YoY%
Bancassurance Commissions - AR$ millions
Insurance Agents & Brokers Commissions - AR$ - YoY%
Insurance Agents & Brokers Commissions - AR$ millions
The commissions paid to sales channels, particularly insurance agents and bancassurance, also demonstrated notable increases in nominal terms. Insurance agents received commissions totaling ARS 1632 billion as of June 2024, a substantial rise from ARS 449 billion in June 2023, marking a 263% increase. Bancassurance commissions grew from ARS 64,6 billion to ARS 215,3 billion over the same period, reflecting a 233% nominal increase. In real terms, the growth was more modest, with insurance brokers and agents’ commissions increasing by 25.3% and bancassurance commissions by 10.9%.
Within the sector, specific companies have shown varying degrees of success in capturing market share through commission volumes. In the realm of insurance agents and brokers, TRIUNFO SEGUROS led with a 0.66% gain in market share, followed by LA SEGUNDA with a 0.55% increase. Other notable gains were made by ATM COMPAÑÍA DE SEGUROS, ALLIANZ ARGENTINA and ZURICH ARGENTINA.
Commissions to Insurance Agents and Brokers by insurer - Market share growth ranking
Commissions to Banks and other alliances by insurer - Market share growth ranking
In bancassurance and other sales alliances, ZURICH SANTANDER SEGUROS ARGENTINA dominated with a 4.35% gain in market share. LA CAJA SEGUROS followed with a 1.47% increase, and LA SEGUNDA captured an additional 0.74% of the market, SUPERVIELLE SEGUROS 0.48% and QUALIA 0.44%.
When examining the leaders in commission volumes, FEDERACION PATRONAL SEGUROS emerged as the top performer among insurance agents, holding a 12.3% share of the market. SANCOR SEGUROS followed with 10.1%, and SEGUROS RIVADAVIA secured 5.8%. Considering also SAN CRISTOBAL SEGUROS and LA SEGUNDA, this top five companies in this category accounted for 39.2% of the total market share in commissions to agents.
For bancassurance and sales alliances, ZURICH SANTANDER SEGUROS ARGENTINA held a commanding lead with a 19.7% market share, followed by LIFE SEGUROS (ex METLIFE) with 10.3% and GALICIA SEGUROS with 9%. With LA CAJA and ASSURANT, the top five companies in this segment represented 54.3% of the total market share in commissions.
When examining the leaders in commission volumes, FEDERACION PATRONAL SEGUROS emerged as the top performer among insurance agents, holding a 12.3% share of the market. SANCOR SEGUROS followed with 10.1%, and SEGUROS RIVADAVIA secured 5.8%. Considering also SAN CRISTOBAL SEGUROS and LA SEGUNDA, this top five companies in this category accounted for 39.2% of the total market share in commissions to agents.
For bancassurance and sales alliances, ZURICH SANTANDER SEGUROS ARGENTINA held a commanding lead with a 19.7% market share, followed by LIFE SEGUROS (ex METLIFE) with 10.3% and GALICIA SEGUROS with 9%. With LA CAJA and ASSURANT, the top five companies in this segment represented 54.3% of the total market share in commissions.
