Insurance Market in Uruguay - 2023.06 Rankings

Highest year-on-year market share growth ranking

The insurance market in Uruguay is witnessing robust growth and stability in 2023, with a notable increase in direct written premiums. As of June 2023, the market is primarily dominated by BSE, demonstrating a remarkable 69.7% market share. This state-owned insurer continues to play a pivotal role in the country's insurance landscape.

Despite the dominance of BSE, other insurance companies have also made significant contributions to the market. MAPFRE holds a 7.1% market share, followed by SURA at 5.5% and PORTO at 5.1%. Additionally, ZURICH SANTANDER secures a 2.9% share, while various smaller insurers collectively account for 9.7% of the market.

 

The year-on-year growth in direct written premiums is particularly noteworthy, with a substantial increase of 8.9% from June 2022 to June 2023. The direct written premiums in June 2023 reached 42876 million Pesos. 

Examining the market by business lines, pensions constitute a significant portion, making up 27.9% of the market share. Motor insurance follows closely at 21.3%, highlighting the importance of protecting vehicles in the country. Personal accident (PA) and life insurance contribute 13.8% and 11.9% respectively, underlining the growing awareness of the need for financial security and personal protection. Group life insurance and other lines of business also play crucial roles, further diversifying the market and catering to various insurance needs.