Key Insights
Uruguay’s insurance market expanded strongly in 2024, with net written premiums reaching 116.2 billion pesos, up by 31.9% year-on-year. This robust growth was driven primarily by the life insurance segment, which saw premiums surge by 56%, led by an exceptional 115% increase in annuity products. In contrast, the non-life segment grew at a more moderate pace of 10%, with mixed performances across its key lines, including solid gains in surety and credit but a decline in the "other" category.
Despite premium growth, the market faced a sharp rise in claims, with net incurred losses escalating by 46.7%, significantly outpacing premium growth and resulting in a deterioration of the technical result, which fell by nearly 1.4 billion pesos year-on-year. Operating expenses and acquisition costs also increased, albeit at a slower rate, reflecting ongoing pressure on insurers' profitability.
The competitive landscape continues to be highly concentrated. Banco de Seguros del Estado (BSE) dominates across nearly all lines, holding a 73% share of total market premiums and an even stronger 85.8% share in life and annuities. However, private insurers like MAPFRE, SURA, Porto, and Zurich Santander are maintaining solid positions, particularly in the non-life segment.
In the life and personal lines, BSE's leadership is slightly less dominant but still substantial, capturing 56% of premiums, followed by SURA, MAPFRE, Porto, and Sancor. In the non-life segment, growth was led by surety and credit lines, with increases of 21% and 18% respectively, while other segments like accidents and engineering posted modest gains.
Market Overview
Uruguay’s insurance sector recorded total net written premiums of 116.2 billion pesos at the end of 2024, reflecting a 31.9% increase over the previous year’s 88.1 billion. This expansion was accompanied by a steep rise in claims, with net incurred losses totaling 83.3 billion pesos, up by 46.7% from 56.8 billion in 2023. Net acquisition costs grew by 12.9%, reaching 14.6 billion pesos, with commissions rising in parallel by 12.3%. Operating expenses increased by 10.1%, totaling 15.5 billion pesos. The combined pressure from rising claims and expenses led to a further deterioration in the technical result, which fell to -6.6 billion pesos from -5.3 billion a year earlier.
Looking at the performance by coverage, the non-life segment grew by 10% in premiums to reach 49.8 billion pesos. Within this segment, surety insurance posted the strongest growth at 21%, followed by credit insurance with an 18% increase and fire insurance with 13%. Accident insurance grew by 6%, engineering by 4%, while the "other" category declined sharply by 28%.
The life segment outpaced the overall market with premiums rising by 56%, totaling 66.4 billion pesos. This was largely driven by a remarkable 115% jump in annuities, which contributed 47.8 billion pesos in premiums. Collective life insurance (excluding mortgage risk) grew by 15%, reaching 6.6 billion pesos, while health coverage increased by 11% and accident insurance by 7%. Other life products grew by 6%.
Market Shares
On the competitive front, Banco de Seguros del Estado (BSE) reinforced its leading role, controlling 73% of total market premiums and an overwhelming 85.8% share in the life and annuities segment. Among private insurers, Zurich Santander ranked second in life and annuities with a 4% share, followed by MAPFRE, MetLife, and Porto. In the non-life lines segment, BSE held 56% of the market, while SURA and MAPFRE followed closely with shares of 10.3% and 10.3% respectively. Porto and Sancor rounded out the top five with 7.5% and 4.4%.
Excluding annuities, in the general market competition, BSE maintained a market share of 54.2%, with MAPFRE at 10.6%, SURA at 8.9%, Porto at 7.3%, and Zurich Santander at 4.7%. This suggests that while BSE's dominance is clear, private players remain competitive in specific segments and are key drivers of diversification within the industry.
In-Depth Analysis
Find out which lines posted the strongest growth, how technical results shifted, and which insurers gained market share in our latest market study: Insurance in Uruguay: Competitive and Technical Analysis by Insurer.
Access the complete picture with in-depth insights into financial statements and technical performance, broken down by coverage and insurer across the Uruguayan market.