Argentina Superintendency of Insurance renews agriculture risk cooperation and sets rules for parametric insurance, including 15 day payouts

The Argentina Superintendency of Insurance renewed its framework cooperation agreement with the Secretariat of Agriculture, Livestock and Fisheries and unveiled a new regime for parametric insurance. Together, the measures are aimed at strengthening agricultural risk management through broader insurance options, while creating a clearer regulatory framework for products that pay automatically when pre-defined objective indicators are triggered. Under the renewed agreement, the two authorities will expand the exchange of climate, production, satellite and technical information, speed up the analysis and approval of index-based insurance, and support the development of new coverage tailored to different production conditions across the country in coordination with provinces, insurers and sector bodies. The new parametric insurance regime, incorporated into the General Regulation of Insurance Activity, sets rules for the design, authorization and marketing of these products. It provides that indemnities must be paid within 15 calendar days after verification of the relevant parameter. The framework applies to policies linked to objective indicators such as rainfall, temperature or other verifiable measures, without requiring individual proof or quantification of loss.