Market Research Report
Strategic Market Intelligence: Insurance Industry in Uruguay - Key Trends and Opportunities to 2023
|Published by||GlobalData||Product code||885377|
|Published||Content info||105 Pages
Delivery time: 1-2 business days
|Strategic Market Intelligence: Insurance Industry in Uruguay - Key Trends and Opportunities to 2023|
|Published: July 2, 2019||Content info: 105 Pages||
Uruguay's general insurance segment is expected to grow at a CAGR of 7.2% over the forecast period (2018-2023) - as of 2018, the segment recorded a DWP of UYU27,590.9 million (US$908.7 million). The life insurance segment is expected to grow at a CAGR of 10.8% over the forecast period - as of 2018, the segment recorded DWP of UYU18,196.0 million (US$599.3 million). Uruguay's reinsurance segment is expected to grow at a CAGR of 7.1% over the forecast period - as of 2018, the segment recorded a premium accepted of UYU831,928.0 (US$27,398.3).
The general insurance industry was dominated by motor insurance, constituting 39.1% of the segment's DWP in 2018, followed by liability insurance with a market share of 36.0% of DWP. The life segment was largely dominated by mortgage relief insurance, which accounted for 66.4% of the segment's DWP in 2017, followed by whole life category, which accounted for 30.0% of life DWP in the same year.
There were 17 insurers in the general segment in 2018 - the top five accounted for a 92.3% market share. The life segment was dominated by domestic insurers during the review period. Furthermore, the Insurance Premium Tax (IPT) for foreign life insurers is expected to increase from 0.5% up to 40.0%. This is expected to deter foreign life insurers from carrying out business in the Uruguayan insurance industry.
Agents and brokers are the most prominent channel in Uruguay. Online sales gained traction, as many insurers started offering sales facilities via their websites. Uruguay's financial system consists of a large number of commercial banks, and as a result, bancassurance plays a major role in the distribution of insurance policies.
The report "Strategic Market Intelligence: Insurance Industry in Uruguay - Key Trends and Opportunities to 2023", provides in-depth market analysis, information and insights into the Uruguayan insurance industry. The report provides a detailed outlook by product category for the Uruguayan insurance industry, and a comparison of the Uruguayan insurance with its regional counterparts.
It provides values for key performance indicators such as written premium, loss ratio, and penetration during the review period (2014-2018) and forecast period (2018-2023). The report also gives a comprehensive overview of the Uruguayan economy and demographics, and provides detailed information on the mergers and acquisitions in the country.
The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country.
Companies mentioned: Mapfre Uruguay Seguros S.A., Banco De Seguros Del Estado, Metlife Seguros S.A., Zurich Santander Seguros Uruguay S.A., Porto Seguro - Seguros Del Uruguay S.A., Compania Cooperativa De Seguros Surco, Seguros Sura S.A., Sancor Seguros S.A., HDI Seguros S.A., Berkley International Seguros S.A. (Uruguay), Far Compania De Seguros S.A., San Cristobal Seguros S.A., SBI Seguros Uruguay S.A., Cutcsa Seguros S.A., Aseguradores De Cauciones S.A., Compania De Seguros Alianca Da Bahia Uruguay S.A.
This report provides a comprehensive analysis of the Insurance Industry in Uruguay -