Market Evolution and Technical Performance
Net claims incurred reached UYU 46.290 billion during the period, increasing by 19.1% compared with June 2025, substantially exceeding premium growth. Net acquisition expenses totaled UYU 8.287 billion, representing a moderate increase of 6.0%, while commissions remained practically unchanged, declining slightly by 0.5% to UYU 5.941 billion. Operating expenses amounted to UYU 8.657 billion, rising 3.7% year over year.
These trends translated into a considerably weaker underwriting performance. The market recorded an aggregate technical result of negative UYU 3.375 billion, compared with a negative UYU 114 million in the same period of the previous year. Although the sector maintained premium growth and operating expenses remained relatively contained, the sharp increase in claims generated a substantial deterioration in technical profitability, leaving the overall underwriting result significantly more negative than a year earlier.
Performance by Insurance Segment
The Life insurance segment remained the primary growth engine of the Uruguayan insurance market. Grossing UYU 36.692 billion in premiums, the segment expanded by 11% year over year. The strongest contributor was annuity business, where premiums reached UYU 27.603 billion following a robust 17% increase. Group Life excluding workers' compensation remained stable at UYU 3.652 billion, while Personal Accident coverage generated UYU 1.002 billion with a modest 2% increase. Health insurance declined by 14% to UYU 269 million, whereas Other Life coverages remained unchanged at UYU 165 million.
The Non-Life segment generated UYU 26.052 billion in premiums, representing annual growth of 5%. Within this segment, Personal Accident insurance reached UYU 6.528 billion with a 5% increase, while Surety insurance expanded strongly by 17% to UYU 1.373 billion. Credit insurance recorded premiums of UYU 111 million after growing 2%. Fire insurance contracted by 6% to UYU 588 million, Engineering insurance experienced the sharpest decline among the principal business lines, falling 25% to UYU 375 million, and Other Non-Life coverages decreased 11% to UYU 359 million.
Competitive Landscape
The competitive structure of the Uruguayan insurance industry remained highly concentrated during the first half of 2026. BSE continued to dominate the market with a 72.48% share of total direct net premiums, maintaining a commanding leadership position across the industry. MAPFRE ranked second with a market share of 6.30%, followed by PORTO with 5.15%. Together, the three largest insurers controlled approximately 84% of the national insurance market, highlighting the significant concentration that characterizes Uruguay's insurance sector.
The remaining market participants included SURA, ZURICH SANTANDER, SANCOR, BARBUSS, METLIFE, SBI, SURCO, SAN CRISTOBAL, BERKLEY, FAR, BOTTIAS-BARBUSS (CAUCIONES), CUTCSA, INSUR, and ALIANÇA, each competing across selected business lines and market niches.
Best Technical Results by Insurer
Despite the deterioration observed in the market's aggregate underwriting performance, several insurers achieved positive technical results during the first half of 2026. Excluding active reinsurance operations, PORTO reported the strongest technical result, reaching UYU 385.96 million. ZURICH SANTANDER followed with UYU 348.78 million, while MAPFRE generated UYU 187.67 million. METLIFE recorded a technical profit of UYU 117.05 million, and SANCOR completed the top five with UYU 32.01 million. These results demonstrate that although industry-wide technical profitability weakened significantly, several insurers continued to generate positive underwriting performance through portfolio management and disciplined risk selection.
Data and Methodology
The data presented in this report are derived from the market research study INSURANCE IN URUGUAY: COMPETITIVE AND TECHNICAL ANALYSIS BY INSURER. The research analyzes the statutory financial statements and technical insurance information of every insurance company operating in Uruguay. It includes detailed coverage-level information across 21 different insurance lines covering both Life and Non-Life business, while compiling historical quarterly data from 2019 through the most recent reporting period, providing a consistent framework for analyzing market evolution, competitive dynamics, technical performance, and insurer rankings over time.
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