Market segment outlook : Argentina insurance

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      <subfield code="a">Market segment outlook</subfield>
      <subfield code="b">: Argentina insurance</subfield>
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      <subfield code="a">Economic growth following the 2023 downturn -- Insurance industry growth has been marginal</subfield>
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      <subfield code="a">AM Best maintains a negative outlook for Argentina's insurance industry due to persistent macroeconomic volatility, high inflation, limited real growth, and unstable investment results. Following a 1.6% GDP contraction in 2023 caused by drought and economic imbalances, President Milei's austerity measures including subsidy cuts, currency devaluation, and deregulation led to a 3.9% GDP rebound by Q3 2024. Inflation, though still high at 118%, is slowing, prompting interest rate cuts and boosting exports. Despite signs of macroeconomic recovery and reduced country risk, ongoing volatility continues to challenge the insurance sector's financial stability and profitability</subfield>
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