Direct written premiums market share growth ranking
As of September 2023, Banco de Seguros del Estado (BSE) commands a substantial share of 68.7%, establishing itself as the market leader. Following BSE, major players include MAPFRE with 7.4%, SURA with 5.8%, PORTO with 5.1%, and ZURICH SANTANDER with 3.0%. A diverse array of other companies collectively accounts for 10.1% of the market.
Examining the annual market share growth by net written insurance premiums reveals the companies making significant strides in the sector. MAPFRE leads the growth chart with an increase of 0.45% market share points. SANCOR, ZURICH-SANTANDER, and PORTO follow closely with growth of 0.26%, 0.25%, and 0.21% market share points respectively. SURA completes the top five with a growth rate of 0.15% points.
The direct written premiums for Q3.2023 amounted to 63.591 million Pesos, showcasing 8.0% YoY growth compared to the same period in 2022. Breaking down the YoY growth by business lines, motor insurance stand out with a remarkable 15.3% increase, while pensions grew at 11.6%. However, personal accidents experienced a slight dip of 0.7%, indicating a nuanced market performance.
In Q3.2023, pensions constituted the largest business with a 26.7% share in direct written premiums, highlighting the significance of retirement-focused insurance products. Motor insurance followed closely, capturing 21.5% of the market, indicating a persistent demand for coverage in the automotive sector. Personal accidents accounted for 13.7%, while life insurance (PC) and group life insurance contributed 12.1% and 6.7%, respectively. The remaining 19.3% represents other business lines, underscoring the diversity and complexity of the insurance market in Uruguay.
