Argentina’s insurance regulator, Superintendencia de Seguros de La Nación (the SSN), the state-run entity that supervises the operations of all insurance and reinsurance companies in the local financial system, has declared the country’s insurance market open for business. This comes after years of heightened restrictions in Argentina during the 2003 – 2015 governments of Néstor and Cristina Kirchner.
Argentina’s current president, Mauricio Macri, who came to power at the end of 2015, is known to be more market-friendly. He has implemented changes to encourage rather than restrain the market and to achieve the goal of attracting foreign investment. The superintendent of the SSN, Juan Pazo, recently visited London and indicated that further measures would be introduced to help put the country firmly on the international insurance and pensions stage, including a risk-based supervisory model and the reduction of bureaucracy in an effort to stimulate the introduction of new policies in the market. Mr Pazo stated:
“President Marci’s policies aim to reconnect Argentina to the world economy and that goes as well to the insurance sector. Our goal is to carry on implementing changes that will enable us to modernise our relationship with the market. We have started to produce a risk map of the sector and of SSN itself...we want to reduce red tape and costs to make it easier for insurers to do business in Argentina.”