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ARGENTINE NEWS





Argentine Reinsurance Brokers Association Created
Last February 27, the reinsurance brokers registered with the Argentine Superintendence of Insurance (Amercial, Aon Benfield, Cooper Gay, Guy Carpenter, JLT Re, Latinbroker, Re Solutions and Willis Re) formalized the presentation of the Argentine Reinsurance Brokers Association (Asociación de Corredores de Reaseguros Argentinos, ACREA).
ACREA is a new trade association within the insurance market and represents the interests of the Argentine reinsurance brokers. The founding member companies said that this step confirms their commitment to gaining greater appreciation for reinsurance intermediation as well as for the activities of brokers. ACREA represents its members before the authorities and seeks to disseminate professional training and institutional development activities amongst other market players.
The first Executive Committee is made up as follows: President - Fernando Rodríguez (Aon Benfield); First Vice President - Matías Rosales (JLT RE); Second Vice President - Marcelo Rodríguez (Re Solutions); Secretary - Cristina Ullón (Guy Carpenter); Treasurer - Stefano Marzotta (Amercial); Members - Eric Kunath (Willis Re); Susana Pagés (Latinbroker), Mariano Ruiz (Cooper Gay); Deputy Members - Germán Rodríguez (Amercial) and José Aversa (Re Solutions), and Auditor - Alberto Montepagano (Guy Carpenter).

Zurich Argentina Appoints New CEO
Fabio Rossi was appointed as Zurich’s CEO for its General and Life operations in Argentina. He takes up this professional challenge at a time the company commemorates its 50th anniversary in the country. Zurich thus enters a new phase in which it will continue furthering its development as a company and the generation of long-term sustainable value for its audiences, clients, collaborators, distribution channels, shareholders, and the community.
Fabio Rossi has wide experience in the market and in the company: since he first came to Zurich in the year 2002 he has held several leadership positions in connection with clients and distribution channels-both locally and in the Latin American region. Prior to that, he developed his career in such entities as Citibank, ABN Amro Bank and Banco de Galicia. He graduated in Business Administration at the University of Buenos Aires and holds a MBA from IDEA.

New Regulatory Framework Presented
At “PlaNeS”, the meeting to comment on the new regulatory framework--control and supervision of the insurance activity, a summary of the various topics addressed regarding the new regulatory framework was presented. The main sector players were invited by the Argentine Superintendence of Insurance (SSN) to explain the conclusions drawn at the several meetings held in the course of the year 2013.
The Superintendent opened the meeting by saying that “for over a year we have been working on this project together with all sectors because a public policy should be built in a collective and pluralist manner without leaving aside the responsibilities inherent to governing”. In this respect, he thanked the insurance industry trade associations and chambers for their valuable contributions.
Lic. Juan Bontempo also pointed out the importance of having “an Insurance Law passed by the National Congress, for the current regulations were adopted by military governments”. He further explained that the new regulatory framework “defines insurance as one of the most important sectors in the Argentine economy and at the same time ensures the defense of the rights of insureds”.
Following the Superintendent’s opening words, different of SSN officials presented the main points of the reform. Mariana Larrañaga, Legal Affairs manager, said that “we worked together to draft this new framework in order to have a regulatory structure unified into a single body of law. The bill also includes a number of issues which are currently ruled through Resolutions, and recognizes the SSN as the entity responsible for promoting and disseminating the insurance activity”.
Rodrigo Nayar detailed the training requirements to be satisfied by all those who sell insurance; he stressed the need to train insurance producers-advisors in a more comprehensive manner. Under the new regulatory framework, anybody wishing to be a producer will have to undergo a longer training period than today and enroll in e-learning activities on a permanent basis.
For his part, Sebastián Marenzi, Evaluation Manager, explained that the economic-financial capacity will not be determined by mathematical formulas but rather by principles and parameters such as minimum capital, solvency and liquidity state, among others. He elaborated on the new guidelines for action if an insurance or reinsurance company is in a loss-making situation, in which case efforts will be made to prevent voluntary liquidation from becoming the preliminary step to compulsory liquidation. Prompt consolidation efforts by operators will be encouraged through a deterrent punitive regime if it is not done voluntarily. Details were also given about the two funds to be created by the new law. Mariela Ricciuti, Technical and Regulations Manager, explained that a guarantee fund will be created to protect social interests--which aims at protecting beneficiaries of mandatory insurance covers in case of compulsory liquidation of an insurance company, and also a catastrophe risks fund-which is intended to address the consequences of natural catastrophes that may affect the insured.

Premium Production Increased Substantially in January
The Argentine Superintendence of Insurance (SSN) confirmed that the premium production of insurance companies reached $ 11.191 billion (USD 1.397 billion) in January, which represents a year-to-year increase of 36%.According to the data disclosed by the SSN, Property was the main line, with invoices for $ 9.310 billion (USD 1.162 billion)--a 37.5% increase over the same period last year. It was followed by Life, with $ 1.644 billion (USD 205 million)--a 31.6% increase, and Retirement with $ 237 million (USD 29.60 million)-a 20.9% increase.
Insurance sector operators estimate that the trend in 2014 will be linked to the overall economic performance, and to the evolution of Automobile--which concentrates over a third of insurance production.


 
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