Argentina Surety market hopes for upturn

Argentina’s surety-market players are hoping for an economic upswing after the recession of 1999 hindered their business development. Last year, economic recession was compounded by a traumatic national election in October that brought the economy to a virtual standstill for several months. New surety business was scarce over the last six months of the year, premium collection was slower, and rising bankruptcy levels fed through as increased losses.