Uruguay Life & Non-life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 11.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Uruguay Life & Non-life Insurance Market Analysis
The Uruguay life & non-life insurance market is estimated at approximately USD 1.7 billion in the current year and is poised to grow at a CAGR of 11% during the forecast period. The total number of insurance companies in Uruguay in 2021 was 155, while on the same date, a year earlier, it was 208.
Uruguay's GDP contracted by 6.1%, the first annual decline since the 2002 crisis (-7.7%), with unfavorable growth rates in nearly all sectors of activity. Despite the country's social protection system and pandemic-response management efforts, the national poverty rate grew from 8.8% in 2019 to 11.6% in 2020. Despite a greater frequency of COVID-19 in the country, the economy rebounded by 4.4% in 2021, owing to an early and efficient vaccination effort.
Uruguay's non-life insurance industry is relatively smaller, ranked 63rd in the world, with premiums of USD 868.19 million in 2020. Growth has been steady but at a varied rate. The penetration of insurance in Uruguay reached 2.9% of the GDP in 2020, reflecting an increase of 1.1% since 2005.
The demand for unemployment insurance has slowly reduced, In May 2021, the number of unemployment insurance beneficiaries stood at 80,361, including partial insurance, compared to 185,769 in May 2020. The government expanded flexibility in unemployment insurance to safeguard employee-employer relationships in sectors affected by the slowdown of their activities, allowing firms to place employees on part-time schedules and use the unemployment insurance fund to ensure that employees received wages as close as possible to their regular wages.
Insurance companies are regulated on a variety of matters by Law No. 16,426, dated October 14, 1993, Decree 354/94, dated August 17, 1994, and several circulars issued by the Superintendencia de Servicios Financieros of Banco Central.
Uruguay Life & Non-life Insurance Market Trends
This section covers the major market trends shaping the Uruguay Life & Non-life Insurance Market according to our research experts:
Rising Demand for Health Insurance in Uruguay
The increasing cost of quality healthcare combined with greater need and demand for health with increasing incomes, higher life expectancy, and an epidemiological transition towards non-communicable diseases have made health coverage imperative. Uruguay's expenditure on healthcare is approximately 9% of GDP, with the public sector representing 71% of these expenditures.
In April 2021, the number of health insurance beneficiaries stood at 106,276, compared to 51,730 in April 2020. On March 23, 2021, all workers who used the National Health Insurance due to having maintained contact with a person with COVID-19 received coverage through the quarantine period as indicated by a health provider. On June 28, 2021, the government announced that pregnant women could benefit from health insurance coverage for up to three months.
Increasing Focus Towards Digitalization of Insurance Supply Chains
Companies have focused primarily on customer-facing applications. But some insurers are beginning to realize that digital means much more than cool and convenient apps for consumers; it is a force that will touch and reshape the very core of their business. Yet firms will benefit from digital technology only when they embrace its potential along the entire insurance value chain, including underwriting and claims management.
Advanced analytics (AA), online sales technologies, machine learning, the Internet of Things (IoT), distributed ledger technology, virtual reality (VR), infrastructure and productivity, and others are some modern technologies that help insurance companies achieve digitalization.
Uruguay Life & Non-life Insurance Industry Overview
The report covers prominent players operating in the Uruguay life and non-life insurance market. A few major players currently dominate the market in terms of market share. However, with technological advancement and product innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players, including Banco de Seguros del Estado (BSE), SBI Seguros, Porto Seguros, and Surco Seguros, etc.
Uruguay Life & Non-life Insurance Market Leaders
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Banco de Seguros del Estado
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SBI Seguros
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Surco Seguros
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Porto Seguros
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Mapfre
*Disclaimer: Major Players sorted in no particular order
Uruguay Life & Non-life Insurance Market News
- On March 08, 2022, Banco de Seguros del Estado in Río Branco Agency, located at Virrey Arredondo 930, Río Branco, Department of Cerro Largo, was inaugurated. The allocation of this Agency was given within the framework of a call for expressions of interest made by the BSE in July 2020.
- On November 09, 2022, SBI Seguros expanded its portfolio of products for commercial risks, allowing customers to contract bail insurance with them.
Uruguay Life & Non-life Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Insights on Technological Advancements Shaping The Market
- 4.6 Insights on the Government Regulations and Industry Policies
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Insurance type
- 5.1.1 Life Insurance
- 5.1.1.1 Individual
- 5.1.1.2 Group
- 5.1.2 Non-Life Insurance
- 5.1.2.1 Home
- 5.1.2.2 Motor
- 5.1.2.3 Health
- 5.1.2.4 Other Non-Life Insurance
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5.2 By Channel of Distribution
- 5.2.1 Direct
- 5.2.2 Agency
- 5.2.3 Banks
- 5.2.4 Online
- 5.2.5 Other distribution channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concetration Overview
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6.2 Company Profiles
- 6.2.1 Banco de Seguros del Estado
- 6.2.2 SBI Seguros
- 6.2.3 Surco Seguros
- 6.2.4 Porto Seguros
- 6.2.5 Mapfre
- 6.2.6 Sancor Seguros
- 6.2.7 Berkley Uruguay Seguros
- 6.2.8 Surety Insures SA
- 6.2.9 FAR Insurance company SA
- 6.2.10 State Insurance Bank
- 6.2.11 CUTCSA Seguros SA
- 6.2.12 HDI Seguros SA*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityUruguay Life & Non-life Insurance Industry Segmentation
Life insurance provides a lump sum amount of the sum assured at the time of maturity or in case of the policyholder's death. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. The Uruguay life and non-life insurance market is segmented by insurance type (life insurance (individual and group), non-life insurance (motor, home, health, and other non-life insurances)), and by distribution channel (direct, agency, banks, online, and other distribution channels). The report offers market size and forecasts for Uruguay's Life & Non-Life Insurance Market in value (USD billion) for all the above segments.
| By Insurance type | Life Insurance | Individual |
| Group | ||
| By Insurance type | Non-Life Insurance | Home |
| Motor | ||
| Health | ||
| Other Non-Life Insurance | ||
| By Channel of Distribution | Direct | |
| Agency | ||
| Banks | ||
| Online | ||
| Other distribution channels |
Uruguay Life & Non-life Insurance Market Research FAQs
What is the current Uruguay Life & Non-Life Insurance Market size?
The Uruguay Life & Non-Life Insurance Market is projected to register a CAGR of 11% during the forecast period (2024-2029)
Who are the key players in Uruguay Life & Non-Life Insurance Market?
Banco de Seguros del Estado, SBI Seguros, Surco Seguros, Porto Seguros and Mapfre are the major companies operating in the Uruguay Life & Non-Life Insurance Market.
What years does this Uruguay Life & Non-Life Insurance Market cover?
The report covers the Uruguay Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Uruguay Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Uruguay Life & Non-Life Insurance Industry Report
Statistics for the 2024 Uruguay Life & Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Uruguay Life & Non-Life Insurance analysis includes a market forecast outlook to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
