Automobile
Market conditions were generally moderate, although pricing increased due to increased costs of labor and parts, and appetite narrowed as insurers with higher technical margins sought to maintain them through underwriting conservatism and price adjustments. Capacity was generally sufficient, even as insureds sought higher limits in response to increased civil liability maximum amounts and inflation. Looking ahead, current market conditions are expected to continue.
Casualty/Liability
Moderate market conditions continued, with expiring pricing, limits and deductibles generally achievable. Underwriters remained somewhat conservative and coverage restrictions were imposed in some cases, especially for poor-performing risks and higher-risk industries. Looking ahead, current market conditions are expected to continue.
Cyber
The Cyber market continued to develop in Argentina, with very few insurers and limited (but growing) demand for coverage. ​Significant rate increases continued as the market matured and risk complexity remained high. Underwriting is centralized, with minimal local authority. Ransomware remained a key coverage consideration and restrictions were common. Looking ahead, current market conditions are expected to continue as Cyber risk becomes better understood and demand for this coverage increases. Security measures such as Multi Factor Authentication will play an evermore important role in securing coverage.
Directors and Officers
Market conditions remained moderate. Insurers sought to retain their portfolios but did not aggressively seek to grow them. Risks with local exposure and a low-to-moderate profile experienced modest rate increases while complex and challenging risk such as NYSE-listed companies experienced more significant rate increases. Capacity remained constrained as very few insurers were active in this market. Underwriting remained cautious and ESG concerns were an important consideration. Looking ahead, current market conditions are expected to continue, with further challenges for heavy risks and a more moderate environment for preferred risk types.
Property
Market conditions remained challenging, driven by rigorous local underwriting, capacity reductions, and impacts of the geopolitical events in Eastern Europe on strikes, riots and civil commotion coverages. Rate increases persisted for challenging occupancy types, and as more (higher priced) insurers were needed to complete placements due to inflation and supply chain challenges which drove up sums insured. Underwriting rigor intensified as insurers performed exhaustive reviews of renewing terms. Looking ahead, current market conditions are expected to continue.
Trade Credit
Deviations from the IMF Agreement's goals triggered a deterioration in economic expectations which was exacerbated by political tensions. As a result, economic activity will slow more than expected in the coming quarters, which impacted insurer outlooks. Price increases were imposed, especially in higher-risk sectors. Capacity remained constrained with few insurers active in the local market. Underwriting was handled centrally and ESG remained a key consideration. Looking ahead, favorable claims performance is expected to positively impact insurer appetite; however, the economic outlook and political tensions may create uncertainty and further price escalation.
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