Personal Accident and Health Insurance in Uruguay, Key Trends and Opportunities to 2021

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Published: September 29, 2017 Report Code: GD-IS1584MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Uruguay, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Uruguayan personal accident and health insurance segment, and a comparison of the Uruguayan insurance industry with its regional counterparts.

It provides 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, 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 personal accident and health insurance segment in Uruguay:

• It provides historical values for the Uruguayan personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2021.

• It provides a comparison of the Uruguayan personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Uruguay.

• It profiles the top personal accident and health insurance companies in Uruguay, and outlines the key regulations affecting them.

Key Highlights

• In July 2016, Suramericana SA, the insurance subsidiary holding of Grupo de Inversiones Suramericana (Grupo Sura), completed the acquisition of Royal & Sun Alliance insurance (Uruguay).

• The public sector is administrated by the Ministry of Public Health (MoPH) under the supervision of the State Health Services Administration (ASSE).

Reasons to Buy

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

• Understand the demand-side dynamics, key market trends and growth opportunities in the Uruguayan personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health 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
MetLife Seguros SA
Mapfre La Uruguaya SA
Royal & Sun Alliance Seguros (Uruguay) SA
Sancor Seguros SA

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 DISTRIBUTION CHANNEL OUTLOOK

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Banco de Seguros del Estado – company overview

6.1.2 MetLife Seguros SA – company overview

6.1.3 Mapfre La Uruguaya SA – company overview

6.1.4 Seguros Sura SA – company overview

6.1.5 Sancor Seguros SA – company overview

7 GOVERNANCE, RISK AND COMPLIANCE

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulation

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Workers’ compensation insurance

7.4.2 Motor third-party liability insurance

7.4.3 Liability for ships with respect to oil pollution

7.4.4 Aviation liability insurance

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 Association of Insurance Supervisors Latin America

7.5.3 Superintendence of Insurance and Reinsurance

7.5.4 Asociación Uruguaya de Empresas Aseguradoras

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and penalties

7.7 Company Registration and Operations

7.7.1 Type of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margin

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxations

7.8.2 Withholding taxes on premium paid overseas.

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution

8 DATABOOK

8.1 Policies and Premium

8.2 Claims and Expenses

8.3 Assets and Investments

9 DEFINITIONS AND METHODOLOGY

9.1 Definitions

9.2 Methodology

10 ABOUT TIMETRIC

10.1 Contact GlobalData

10.2 About GlobalData

10.3 GlobalData’s Services

10.4 Disclaimer

Table

Table 1: Uruguayan Personal Accident and Health Insurance – Key Facts, 2016

Table 2: Uruguayan Personal Accident and Health Insurance – Leading Insurers, 2016

Table 3: Uruguayan Government Credit Ratings

Table 4: Uruguayan Personal Accident and Health Insurance – Gross Written Premium (UYU Billion and US$ Million), 2012–2016

Table 5: Uruguayan Personal Accident and Health Insurance – Penetration (%), 2012–2016

Table 6: Uruguayan Personal Accident and Health Insurance – Gross Written Premium (UYU Billion and US$ Million), 2016–2021

Table 7: Uruguayan Personal Accident and Health Insurance – Penetration (%), 2016–2021

Table 8: Uruguayan Personal Accident and Health Insurance – Premium per Capita (UYU and US$), 2012–2016

Table 9: Uruguayan Personal Accident and Health Insurance – Premium per Capita (UYU and US$), 2016–2021

Table 10: Uruguayan Personal Accident and Health Insurance – Paid Claims (UYU Billion and US$ Million), 2012–2016

Table 11: Uruguayan Personal Accident and Health Insurance – Paid Claims (UYU Billion and US$ Million), 2016–2021

Table 12: Uruguayan Personal Accident and Health Insurance – Profitability Ratio (%), 2012–2016

Table 13: Uruguayan Personal Accident and Health Insurance – Profitability Ratio (%), 2016–2021

Table 14: Uruguayan Personal Accident and Health Insurance – Total Assets (UYU Billion and US$ Million), 2012–2016

Table 15: Uruguayan Personal Accident and Health Insurance – Total Assets (UYU Billion and US$ Million), 2016–2021

Table 16: Uruguayan Personal Accident and Health Insurance – Total Investment Income (UYU Million and US$ Million), 2012–2016

Table 17: Uruguayan Personal Accident and Health Insurance – Total Investment Income (UYU Million and US$ Million), 2016–2021

Table 18: Uruguayan Personal Accident and Health Insurance – Investment Portfolio (UYU Billion), 2012–2016

Table 19: Uruguayan Personal Accident and Health Insurance – Investment Portfolio (UYU Billion), 2016–2021

Table 20: Uruguayan Personal Accident and Health Insurance – Leading Insurers, 2016

Table 21: Banco de Seguros del Estado – Key Facts

Table 22: MetLife Seguros SA – Key Facts

Table 23: Mapfre La Uruguaya SA – Key Facts

Table 24: Seguros Sura SA – Key Facts

Table 25: Sancor Seguros SA – Key Facts

Table 26: Uruguay – Insurance Regulatory Framework Key Features

Table 27: Uruguay – Life Insurance Regulatory Framework

Table 28: Uruguay – Property Insurance Regulatory Framework

Table 29: Uruguay – Motor Insurance Regulatory Framework

Table 30: Uruguay – Liability Insurance Regulatory Framework

Table 31: Uruguay – Insurance Premium Tax Rates

Table 32: Uruguay – Corporate Tax Rates for the Financial Year 2016

Table 33: Uruguayan Personal Accident and Health Insurance Industry – Policies and Premium, 2012–2016

Table 34: Uruguayan Personal Accident and Health Insurance Industry – Policies and Premium, 2016–2021

Table 35: Uruguayan Personal Accident and Health Insurance – Claims and Expenses, 2012–2016

Table 36: Uruguayan Personal Accident and Health Insurance – Claims and Expenses, 2016–2021

Table 37: Uruguayan Personal Accident and Health Insurance – Assets and Investments, 2012–2016

Table 38: Uruguayan Personal Accident and Health Insurance – Assets and Investments, 2016–2021

Table 39: 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 Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2016

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

Figure 10: Uruguayan Personal Accident and Health Insurance – Gross Written Premium (UYU Billion), 2012–2021

Figure 11: Uruguayan Personal Accident and Health Insurance – Penetration (%), 2012–2021

Figure 12: Uruguayan Personal Accident and Health Insurance – Premium per Capita (UYU), 2012–2021

Figure 13: Uruguayan Personal Accident and Health Insurance – Paid Claims (UYU Billion), 2012–2021

Figure 14: Uruguayan Personal Accident and Health Insurance – Profitability Ratio (%), 2012–2021

Figure 15: Uruguayan Personal Accident and Health Insurance – Total Assets (UYU Billion), 2012–2021

Figure 16: Uruguayan Personal Accident and Health Insurance – Total Investment Income (UYU Million), 2012–2021

Figure 17: Uruguayan Personal Accident and Health Insurance – Investment Portfolio (UYU Billion), 2012–2021

Figure 18: Uruguayan Personal Accident and Health Insurance – Investment Portfolio Dynamics by Types of Investment, 2012–2021

Figure 19: Uruguay – Insurance Supervision and Control at Various Levels

Figure 20: Uruguay – Insurance Regulatory Frameworks for Company Registration and Operation

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