Non-Life Insurance in Uruguay, Key Trends and Opportunities to 2021

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Published: September 29, 2017 Report Code: GD-IS1583MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Non-Life Insurance in Uruguay, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Uruguayan non-life insurance segment, and a comparison of the Uruguayan insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Uruguayan economy and demographics, explains the various types of natural hazard and their impact on the Uruguayan insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Uruguay:

• It provides historical values for the Uruguayan non-life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key categories in the Uruguayan non-life insurance segment, and market forecasts to 2021.

• It provides a comparison of the Uruguayan non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Uruguay.

• It analyzes various natural hazards and their impact on the Uruguayan insurance industry

• It profiles the top non-life insurance companies in Uruguay, and outlines the key regulations affecting them.

Key Highlights

• The non-life segment is highly concentrated, with the five leading insurers accounting for 92.7% of the segment’s gross written premium in 2016.

• In October 2016, Fairfax Financial Holding Ltd agreed to acquire AIG Inc.’s operations in Uruguay and other Latin American countries including Argentina, Columbia, Chile and Venezuela. The deal will strengthen Fairfax’s network in Latin America.

• Property insurance was the second-largest category, accounting for 31.2% of the non-life direct written premium in 2016.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Uruguayan non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Uruguayan non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Uruguayan insurance industry, and their impact on companies and the industry's future.

Banco de Seguros del Estado
Seguros Sura SA
Mapfre Uruguay Compañia de Seguros SA (Grales)
Porto Seguro – Seguros del Uruguay SA
Sancor Seguros SA
AIG Seguros Uruguay SA
Compañia Cooperativa de Seguros Surco
HDI Seguros SA
Far Compañia de Seguros SA
Berkley International Seguros SA (Uruguay)

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 OUTLOOK BY CATEGORY

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK

7 NATURAL AND MAN-MADE HAZARDS

7.1 Flooding

7.2 Droughts

7.3 Storms

7.4 Exposure

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles

8.1.1 Banco de Seguros del Estado – company overview

8.1.2 Seguros Sura SA – company overview

8.1.3 Mapfre Uruguay Compañia de Seguros SA (Grales) – company overview

8.1.4 Porto Seguro – Seguros del Uruguay SA – company overview

8.1.5 Sancor Seguros SA – company overview

9 GOVERNANCE, RISK AND COMPLIANCE

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Workers’ compensation insurance

9.4.2 Motor third-party liability insurance

9.4.3 Liability for ships with respect to oil pollution

9.4.4 Aviation liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Association of Insurance Supervisors Latin America

9.5.3 Superintendence of Insurance and Reinsurance

9.5.4 Asociación Uruguaya de Empresas Aseguradoras

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxations

9.8.2 Withholding taxes on premium paid overseas.

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 DATABOOK

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Liability Insurance

10.8 Marine, Aviation and Transit Insurance

11 DEFINITIONS AND METHODOLOGY

11.1 Definitions

11.2 Methodology

12 ABOUT TIMETRIC

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Uruguayan Non-Life Insurance – Key Facts, 2016

Table 2: Uruguayan Non-Life Insurance – Segment Shares of the Top Insurers, 2016

Table 3: Uruguayan Government Credit Ratings

Table 4: Uruguayan Non-Life Insurance – Gross Written Premium (UYU Billion and US$ Million), 2012–2016

Table 5: Uruguayan Non-Life Insurance – Penetration (%), 2012–2016

Table 6: Uruguayan Non-Life Insurance – Gross Written Premium (UYU Billion and US$ Million), 2016–2021

Table 7: Uruguayan Non-Life Insurance – Penetration (%), 2016–2021

Table 8: Uruguayan Non-Life Insurance – Premium per Capita (UYU and US$), 2012–2016

Table 9: Uruguayan Non-Life Insurance – Premium per Capita (UYU and US$), 2016–2021

Table 10: Uruguayan Non-Life Insurance – Paid Claims (UYU Billion and US$ Million), 2012–2016

Table 11: Uruguayan Non-Life Insurance – Paid Claims (UYU Billion and US$ Million), 2016–2021

Table 12: Uruguayan Non-Life Insurance – Profitability Ratio (%), 2012–2016

Table 13: Uruguayan Non-Life Insurance – Profitability Ratio (%), 2016–2021

Table 14: Uruguayan Non-Life Insurance – Total Assets (UYU Billion and US$ Billion), 2012–2016

Table 15: Uruguayan Non-Life Insurance – Total Assets (UYU Billion and US$ Billion), 2016–2021

Table 16: Uruguayan Non-Life Insurance – Total Investment Income (UYU Billion and US$ Million), 2012–2016

Table 17: Uruguayan Non-Life Insurance – Total Investment Income (UYU Billion and US$ Million), 2016–2021

Table 18: Uruguayan Non-Life Insurance – Investment Portfolio (UYU Billion), 2012–2016

Table 19: Uruguayan Non-Life Insurance – Investment Portfolio (UYU Billion), 2016–2021

Table 20: Uruguayan Non-Life Insurance – Direct Written Premium by Category (UYU Billion), 2012–2016

Table 21: Uruguayan Non-Life Insurance – Direct Written Premium by Category (UYU Billion), 2016–2021

Table 22: Uruguayan Property Insurance – Direct Written Premium by Sub-Category (UYU Billion), 2012–2016

Table 23: Uruguayan Property Insurance – Direct Written Premium by Sub-Category (UYU Billion), 2016–2021

Table 24: Uruguayan Property Insurance – Paid Claims (UYU Billion and US$ Million), 2012–2016

Table 25: Uruguayan Property Insurance – Paid Claims (UYU Billion and US$ Million), 2016–2021

Table 26: Uruguayan Property Insurance – Loss Ratio (%), 2012–2016

Table 27: Uruguayan Property Insurance – Loss Ratio (%), 2016–2021

Table 28: Uruguayan Motor Insurance – Direct Written Premium (UYU Billion), 2012–2016

Table 29: Uruguayan Motor Insurance – Direct Written Premium (UYU Billion), 2016–2021

Table 30: Uruguayan Motor Insurance – Paid Claims (UYU Billion and US$ Million), 2012–2016

Table 31: Uruguayan Motor Insurance – Paid Claims (UYU Billion and US$ Million), 2016–2021

Table 32: Uruguayan Motor Insurance – Loss Ratio (%), 2012–2016

Table 33: Uruguayan Motor Insurance – Loss Ratio (%), 2016–2021

Table 34: Uruguayan Liability Insurance – Direct Written Premium (UYU Million and US$ Million), 2012–2016

Table 35: Uruguayan Liability Insurance – Direct Written Premium (UYU Million and US$ Million), 2016–2021

Table 36: Uruguayan Liability Insurance – Paid Claims (UYU Million and US$ Million), 2012–2016

Table 37: Uruguayan Liability Insurance – Paid Claims (UYU Million and US$ Million), 2016–2021

Table 38: Uruguayan Liability Insurance – Loss Ratio (%), 2012–2016

Table 39: Uruguayan Liability Insurance – Loss Ratio (%), 2016–2021

Table 40: Uruguayan Transport Network – Global Rankings, 2016

Table 41: Uruguayan Marine, Aviation and Transit Insurance – Direct Written Premium (UYU Million and US$ Million), 2012–2016

Table 42: Uruguayan Marine, Aviation and Transit Insurance – Direct Written Premium (UYU Million and US$ Million), 2016–2021

Table 43: Uruguayan Marine, Aviation and Transit Insurance – Paid Claims (UYU Million and US$ Million), 2012–2016

Table 44: Uruguayan Marine, Aviation and Transit Insurance – Paid Claims (UYU Million and US$ Million), 2016–2021

Table 45: Uruguayan Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2016

Table 46: Uruguayan Marine, Aviation and Transit Insurance – Loss Ratio (%), 2016–2021

Table 47: Uruguay – Average Annual Loss by Hazard, 1990–2014

Table 48: Uruguayan Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2016

Table 49: Banco de Seguros del Estado – Key Facts

Table 50: Banco de Seguros del Estado – Key Financials (UYU Million), 2012–2016

Table 51: Seguros Sura SA – Key Facts

Table 52: Seguros Sura SA – Key Financials (UYU Million), 2012–2016

Table 53: Mapfre Uruguay Compañia de Seguros SA (Grales)– Key Facts

Table 54: Mapfre Uruguay Compañia de Seguros SA (Grales)– Key Financials (UYU Million), 2012–2016

Table 55: Porto Seguro – Seguros del Uruguay SA – Key Facts

Table 56: Porto Seguro – Seguros del Uruguay SA – Key Financials (UYU Million), 2012–2016

Table 57: Sancor Seguros SA – Key Facts

Table 58: Sancor Seguros SA – Key Financials (UYU Million), 2012–2016

Table 59: Uruguay – Insurance Regulatory Framework Key Features

Table 60: Uruguay – Life Insurance Regulatory Framework

Table 61: Uruguay – Property Insurance Regulatory Framework

Table 62: Uruguay – Motor Insurance Regulatory Framework

Table 63: Uruguay – Liability Insurance Regulatory Framework

Table 64: Uruguay – Insurance Premium Tax Rates

Table 65: Uruguay – Corporate Tax Rates for the Financial Year 2016

Table 66: Uruguayan Insurance Industry – Policies and Premium, 2012–2016

Table 67: Uruguayan Insurance Industry – Policies and Premium, 2016–2021

Table 68: Uruguayan Non-Life Insurance – Claims and Expenses, 2012–2016

Table 69: Uruguayan Non-Life Insurance – Claims and Expenses, 2016–2021

Table 70: Uruguayan Non-Life Insurance – Assets and Investments, 2012–2016

Table 71: Uruguayan Non-Life Insurance – Assets and Investments, 2016–2021

Table 72: Uruguayan Non-Life Insurance – Property Insurance, 2012–2016

Table 73: Uruguayan Non-Life Insurance – Property Insurance, 2016–2021

Table 74: Uruguayan Non-Life Insurance – Property Insurance by Product, 2012–2016

Table 75: Uruguayan Non-Life Insurance – Property Insurance by Product, 2016–2021

Table 76: Uruguayan Non-Life Insurance – Motor Insurance, 2012–2016

Table 77: Uruguayan Non-Life Insurance – Motor Insurance, 2016–2021

Table 78: Uruguayan Non-Life Insurance – Liability Insurance, 2012–2016

Table 79: Uruguayan Non-Life Insurance – Liability Insurance, 2016–2021

Table 80: Uruguayan Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016

Table 81: Uruguayan Non-Life Insurance – Marine, Aviation and Transit Insurance, 2016–2021

Table 82: Insurance Industry Definitions

Figures

Figure 1: Uruguayan GDP Composition by Sector, 2016

Figure 2: Uruguayan Real GDP (UYU Billion), 2012–2021

Figure 3: Uruguayan Consumer Price Inflation (%), 2012–2021

Figure 4: Uruguayan Exchange Rate (UYU–US$), 2012–2021

Figure 5: Uruguayan Current Account Balance as Percentage of GDP (%), 2012–2021

Figure 6: Uruguayan Unemployment Rate, 2012–2021

Figure 7: Uruguayan Population by Age Group, 1991–2025

Figure 8: Uruguayan Non-Life Insurance Penetration – Regional Comparison (%), 2016

Figure 9: Uruguayan Insurance Segment By Direct Written Premium Shares – Regional Comparison (%), 2016

Figure 10: Uruguayan Non-Life Insurance – Gross Written Premium (UYU Billion), 2012–2021

Figure 11: Uruguayan Non-Life Insurance – Penetration (%), 2012–2021

Figure 12: Uruguayan Non-Life Insurance – Premium per Capita (UYU), 2012–2021

Figure 13: Uruguayan Non-Life Insurance – Paid Claims (UYU Billion), 2012–2021

Figure 14: Uruguayan Non-Life Insurance – Profitability Ratio (%), 2012–2021

Figure 15: Uruguayan Non-Life Insurance – Total Assets (UYU Billion), 2012–2021

Figure 16: Uruguayan Non-Life Insurance – Total Investment Income (UYU Billion), 2012–2021

Figure 17: Uruguayan Non-Life Insurance – Investment Portfolio (UYU Billion), 2012–2021

Figure 18: Uruguayan Non-Life Insurance – Investment Portfolio Dynamics by Types of Investment, 2012–2021

Figure 19: Uruguayan Non-Life Insurance – Direct Written Premium by Category (UYU Billion), 2012–2021

Figure 20: Uruguayan Non-Life Insurance – Direct Written Premium Dynamics by Category, 2012–2021

Figure 21: Uruguayan Property Insurance – Direct Written Premium by Sub-Category (UYU Billion), 2012–2021

Figure 22: Uruguayan Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2012–2021

Figure 23: Uruguayan Property Insurance – Paid Claims (UYU Billion), 2012–2021

Figure 24: Uruguayan Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (UYU Billion and %), 2012–2021

Figure 25: Uruguayan Motor Insurance – Direct Written Premium (UYU Billion), 2012–2021

Figure 26: Uruguayan Motor Insurance – Paid Claims (UYU Billion), 2012–2021

Figure 27: Uruguayan Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (UYU Billion and %), 2012–2021

Figure 28: Uruguayan Liability Insurance – Direct Written Premium (UYU Million), 2012–2021

Figure 29: Uruguayan Liability Insurance – Paid Claims (UYU Million), 2012–2021

Figure 30: Uruguayan Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (UYU Million and %), 2012–2021

Figure 31: Uruguayan Marine, Aviation and Transit Insurance – Direct Written Premium (UYU Billion), 2012–2021

Figure 32: Uruguayan Marine, Aviation and Transit Insurance – Paid Claims (UYU Million), 2012–2021

Figure 33: Uruguayan Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (UYU Billion and %), 2012–2021

Figure 34: Uruguay – Frequency of Hazards by Type, 1990–2014

Figure 35: Uruguay – Mortality by Hazard Type, 1990–2014

Figure 36: Uruguay – Economic Loss by Hazard Type, 1990–2014

Figure 37: Uruguayan Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2016

Figure 38: Uruguay – Insurance Supervision and Control at Various Levels

Figure 39: Uruguay – Insurance Regulatory Frameworks for Company Registration and Operation

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