Insurance – Argentina – La Caja to invest US$35mn in 2010, goes for 10% market share
29 Mar
Posted by Brian Anderson as Finance Help
Argentina’s largest insurer La Caja will invest US$35mn this year, US$20mn of which will go to expanding its headquarters in Buenos Aires, CEO Darío Moreno told BNamericas.
La Caja is looking to increase premiums 20% this year, led by the auto and group life segments which should grow 24% and 13% respectively, Moreno said in an emailed statement. La Caja is the top player in both these segments.
The company currently boasts an 8.2% overall market share, with 2.4bn pesos (US$622mn) in premiums.
Moreno said the insurer is aiming to reach a 10% market share over the next three to five years by increasing insurance penetration in the country’s provinces.
La Caja is 90% controlled by Italian insurer Generali and local group Los W.
The full interview with Darío Moreno will be published in this Friday’s Insurance Perspectives, for subscribers only.
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