In 1984, about 200 insurance companies were in operation in Argentina. Although various legal restrictions have been placed on foreign insurance companies, many retain offices in Buenos Aires. The insurance market is regulated by the Superintendent of Insurance of the nation, which is a branch of the Ministry of Economy.
The Argentine insurance market is characterized by a relatively large number of insurers with no single organization dominating the industry. From 1994 to 1997, there was a reduction in the number of insurers as some closed operations or were liquidated. Observers believe that there will be further reductions in the number of insurance companies as consolidation of the industry and the quest for economies of scale and critical mass continues. Observers expect the Argentine life market to develop significantly, especially under stable currency conditions. In 2001, there was $2.5 billion in life insurance premiums written in Argentina.