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>> Artículos de la Edición de Septiembre,  2011


Echoes of the 5º Latin American Seminar on Insurance and Reinsurance

During the 5th Latin American Seminar on Insurance and Reinsurance, organized by the magazine "Mercado Asegurador", which was held in Buenos Aires on April 26th and 27th 2011, two panels dicussed the outlook of the insurance market in some Latin American countries. Marcela Allué, Research Manager with the Asociación de Aseguradores de Chile A.G. (AACH); Fernanda Chaves, Chief Actuary of the Confederação Nacional das Empresas de Seguros Gerais, Previdência Privada e Vida, Saúde Suplementar e Capitalização (CNSeg), from Brasil; and Ingrid Vergara Calderón, Communications and Marketing Director of the Federación de Aseguradores Colombianos (FASECOLDA) lectured among several panelists. Transcribe the concepts expressed.

Outlook On The Argentina Insurance Market

This report, which outlines the evolution of the Argentine insurance market in the last few years, has been prepared by Francisco Astelarra, president of the Asociación de Compañías de Seguros (AACS – Argentine Association of Insurance Companies) based on information provided by the Argentine Superintendence of Insurance (SSN). The data included below are presented as of fiscal-year end (30 June each year).

New Reinsurance System in Argentina

Resolutions Nos. 35,615, 35,726 and 35,794 issued by the Argentine Insurance Department introduced a new regulatory framework for reinsurance. Pedro Zourdnajian, Executive Director of “Mercado Asegurador” magazine and a reinsurance expert, comments on the most salient aspects of these regulations at few days from their coming into force on September 1, 2011.

Reflections on the Current Regulation of the Brazilian Reinsurance Market

The purpose of this article by Mario Di Croce, Federal Attorney at Law for the A.G.U. (Advocacia Geral da União) and Executive Vice-President of IRB-Brasil Re, is to contribute to a better understanding of the circumstances which led to the recent review of Brazilian reinsurance laws, as well as the objectives pursued by CNSP (Private Insurance National Counsel) resolutions, Nº 225, from December 6th, 2010 and nº 232, from March 25th, 2011.

Latin America: a Region with Huge Potential for Reinsurance

In this interview with “Mercado Aasegurador”, Andreas Moser, Munich Re’s Non-Life Regional Director for South America (except Brazil) outlined his company’s business in Latin America and discussed future business prospects in the region.

Recovering from Disaster – Who Pays? A Roadmap for Brazil

Losses from natural disasters around the world are increasing. Brazil has previously been considered a “safe zone”, but statistics show that flood risk is on the rise. Michel Liès, Chairman Global Partnerships, Swiss Re discusses measures that can be taken to reduce the physical and financial impacts of natural disasters.

(Re)Insured Catastrophes Considerations Behind Stabilising Factors

The year 2011 has already seen an extraordinary series of tragic catastrophes, including floods, cyclones, earthquakes, winter storms and tsunamis. In this article Drs. Sebastian von Dahlen* and Marcelo Ramella** discuss the resiliency and stability of (re)insurance markets in a context of very large loss, and stress the core importance of global spreading mechanisms through traditional and state-of-the art tools.

ComFrame to Close Gap in Supervision of Insurance Groups

As a supervisory response to the increasing globalisation in the insurance sector combined with the key lessons learnt from the financial crisis, the IAIS is building the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). This will foster cooperation among supervisors and close regulatory gaps .

Multiple Mining Risks

From flooding to fire and explosion, mining faces multiple risks, each with the power to cause extensive loss. Etienne Geoffroy and Didier Gailleul look at the main risks impacting this sector, how these can be mitigated and what all this means for re/insurance.

World Insurance in 2010: Premiums Back to Growth - Capital Increases

After two years of falling premium volume, the global insurance industry returned to positive growth in 2010. Total premium volume rose by 2.7% in real terms to USD 4 339bn, above pre-crisis levels. Capital has been fully restored in the Non-Life sector. While capital continued to recover in Life, solvency remained below pre-crisis levels. Because interest rates remained at historically low levels, investment returns and therefore overall profitability were adversely affected. This study (published in Sigma Nº 2/2011) contains the latest market data available at the time of going to press, in May 2011.

Argentine Market Data

We offer our readers information on financial accounts of Argentina general insurers for the period July 2010 / March 2011. All figures are in pesos of current values; they were taken from statutory financial accounts at July 1st, 2010 filed with the Insurance Department. They include information on premium and surcharges income, Net Premiums Earned, Total Activity, Payable to Policyholders, Number of Trials, Value Average of Losses Incurred, Policyholder Surplus, Underwriting Result, Financial Gains/Losses, Period Profit and Period Profit with Policyholder Surplus (%).

Premium Income, Policyholder Surplus and Results of Main Insurance Groups

The next table shows details of net earned premiums and written premiums, policyholder surplus, pending lawsuits and underwriting, financial and net results at 31/03/11 (9 months) of leading Argentine insurance groups, including insurers with relevant portfolios or who were part of groups in the past. In all, there are 41 groups representing 86.3% of total earned market premiums and surcharges. Their aggregate policyholder surplus at 31/03/11 reaches AR$ 11.72 billion pesos or 83.6% of the total (AR$ 14.02 billion).
These groups have 235,846 pending lawsuits or 83.5% of full market lawsuits (282,358).
Net results reach AR$ 2,208.6 million (37 groups showed profits). In all cases the cause of such profits or losses should be closely analyzed as in many cases they are affected by reserves movements, the behavior of specific lines of business or the valuation of different investment items, among other considerations that might be totally circumstantial.
During this period the financial results for the whole market (AR$ 4.3 billion) affected final results (AR$ 3.8 billion); underwriting results showed a loss of AR$ 733.4 million.
The analysis of financial reports lead to different conclusions for each company and group. Situations are very different; as stated, underwriting policies, claim management, effects of reserve calculation, composition and valuation of available funds and investments and behavior of certain risks can have strong effects on final results.

Argentine News

Latin American Outlook

International News


Panorama del Seguro en Argentina

En la presente nota se brinda un breve panorama de la evolución del mercado de seguros argentino en los últimos años. Este trabajo fue realizado por Francisco Astelarra, presidente de la Asociación de Compañías de Seguros (AACS), en base a información de la Superintendencia de Seguros de la Nación (SSN). Los datos son al cierre de los balances anuales (30 de junio de cada año).

Panorama del Mercado de Reaseguros - El Creciente Costo de los Riesgos

Durante el primer semestre de 2011 hemos observado una sucesión sin precedentes de desastres naturales. Costas Miranthis, Presidente y CEO de PartnerRe, examina las razones que provocan el cambio en el costo real de asumir riesgo.

Nuevo Sistema de Reaseguros en Argentina

A través de las Resoluciones N° 35.615, 35.726 y 35.794 emitidas por la Superintendencia de Seguros de Argentina se creó un nuevo marco regulatorio para el reaseguro. A pocos días de su entrada en vigencia el 1º de septiembre de 2011, Pedro Zournadjian, Director Ejecutivo de la revista “Mercado Asegurador” y especialista en reaseguros, comenta los principales aspectos de la normativa.

Considerações sobre a Nova Regulamentação do Mercado de Resseguro do Brasil

O objetivo do presente artigo de Mario Di Croce, Procurador Federal da Advocacia-Geral da União e Vice-Presidênte Executiva do IRB Brasil Re, é contribuir para a compreensão dos motivos que levaram à recente revisão da regulamentação do resseguro, bem como dos objetivos perseguidos pelas recentes Resoluções do Conselho Nacional de Seguros Privados – CNSP Nº 225, de 6 de dezembro de 2010, e nº 232, de 25 de março de 2011.

América Latina: una Región con Mucho Potencial para el Reaseguro

En entrevista con Mercado Asegurador, Andreas Moser, director regional para América del Sur, con excepción de Brasil, para el negocio de No Vida de Munich Re, trazó un recorrido de la actividad de la reaseguradora en América Latina y habló de las perspectivas futuras del negocio en la región.

Recuperación de Desastres: ¿Quién se Hace Cargo del Costo? Un Plan de Trabajo para Brasil

En el mundo las pérdidas a causa de desastres naturales están aumentando. Brasil hasta ahora ha sido considerado una "zona segura", pero las estadísticas muestran que el riesgo de inundación está en aumento. Michel Liès, Chairman Global Partnerships de Swiss Re, nos comenta sobre las medidas que pueden ser llevadas a cabo para reducir los impactos físicos y financieros de los desastres naturales.

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