Insurance Market in Uruguay - 2023.03 Rankings

The insurance market in Uruguay continues to demonstrate growth and stability, as evidenced by the latest data from the period of March 2023. The market is comprised of several key players, with varying market shares among them.

The largest insurance company in Uruguay, based on market share, is BSE (Banco de Seguros del Estado), accounting 70% of the market. Following is MAPFRE, with a market share of 8%, and Porto with 5.3%. SURA and Zurich Santander hold market shares of 5% and 3% respectively. The remaining 9% of market share is distributed among other insurance companies operating in Uruguay.

  

In terms of direct written premiums, the insurance market in Uruguay experienced a positive growth rate of 11.1% from March 2022 to March 2023. The direct written premiums for March 2023 reached 22,029.57 million Uruguayan Pesos, compared to 19,834.36 million Pesos in March 2022. This growth indicates a positive trajectory for the industry.

When examining the market by business lines, pensions dominate with a market share of 31%. Motor insurance follows closely with a market share of 22%, highlighting the importance of insuring vehicles in the country. Personal accident (PA) insurance holds a market share of 13%, while life insurance and group life insurance account for 11% and 6% respectively. Other lines of business make up the remaining market share of 17%. 

Insurers business profile breakdown (life vs non-life insurance)
1: non-Life insurance - 2: Life insurance

Sources: