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Moody's: Los Cambios en el Sector Reasegurador Argentino son un Factor Crediticio Negativo para las Aseguradoras

 The document has been translated in other languages

01 Mar 2011

New York, March 01, 2011 -- Moody's Investors Service dio su opinión acerca de los cambios introducidos recientemente en las regulaciones de reaseguros de Argentina y el efecto que éstos tendrán en dicha industria, en un nuevo reporte sobre el sector.

Los principales riesgos que observa Moody's son el nuevo requerimiento para los reaseguradores extranjeros de establecer subsidiarias locales en lugar de operar externamente, esquema éste último, que ha sido la práctica normal en las últimas dos décadas.

El reporte se concentra especialmente en la posibilidad de que los reaseguradores extranjeros que operan actualmente en Argentina decidan no establecer subsidiarias locales, en cuyo caso la falta de capacidad de reaseguro podría reducir la capacidad de las aseguradoras locales para suscribir ciertos riesgos, o bien ocasionar fuertes incrementos en su retención y en su apalancamiento técnico.

Otro aspecto que también preocupa es que aumentaría la exposición a riesgo crediticio de contraparte de reaseguradores por parte de las aseguradoras Argentinas, debido a que el perfil crediticio de los reaseguradores locales domiciliados en Argentina estará limitado por su concentración geográfica y perfil de inversiones, así como por el entorno operativo intrínseco de Argentina. Estos últimos factores presentan un riesgo mucho mayor que el que se asocia con la mayoría de los países de origen de los reaseguradores externos.

Adicionalmente, es probable que los aseguradores globales con subsidiarias en Argentina ya no sean capaces de aprovechar sus contratos de transferencia de riesgos por reaseguro inter-compañías, lo cual reducirá el atractivo del mercado de seguros de Argentina.

El reporte también incluye información sobre las líneas de negocio más afectadas en el mercado y presenta a los aseguradores con mayores tasas de cesión.

El reporte se titula "Argentina's New Reinsurance Regulation Is Credit Negative for Local Insurers" y se encuentra disponible en

Buenos Aires
Diego Nemirovsky
Asst Vice President - Analyst
Financial Institutions Group
Moody's Latin America, Calificadora de Riesgo
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 4816-2332

Buenos Aires
Alejandro Pavlov
Vice President - Senior Analyst
Financial Institutions Group
Moody's Latin America, Calificadora de Riesgo
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 4816-2332

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's: Los Cambios en el Sector Reasegurador Argentino son un Factor Crediticio Negativo para las Aseguradoras
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