Insurance direct written premiums
The evolution of the insurance market in Uruguay at the end of December 2023 reveals several key points. In terms of market share by insurer in net direct premiums, BSE led the market with a share of 68.8%, followed by MAPFRE with 7.1%, SURA with 6.0%, PORTO with 5.0%, and ZURICH SANTANDER with 2.9%. The rest of the insurers represented 10.3% of the market.
Regarding the market share annual performance, MAPFRE showed the greatest growth in its market share with an increase of 0.40 percentage points, followed by ZURICH SANTANDER with an increase of 0.20 percentage points. HDI, PORTO, and SANCOR also experienced growth in their market share.
The evolution of the market showed that the total volume of net premiums was UY$ 88097 million, which represents a nominal year-on-year variation of +8.9%. As for the market segments, NON-LIFE grew by 9%, VEHICLES by 13%, ACCIDENTS by 3%, while FIRE decreased by 5.8% and the LIFE segment experienced a growth of 8%, and ANNUITY grew by 14%.
The total claims reached UY$ 56.815 million, which represents a nominal year-on-year variation of 13.5%. In terms of year-on-year variation in the expenses market structure, settlement expenses increased by 9%, commissions by 11%, production expenses in reinsurance by 7%, other production expenses by 38%, and operating expenses by 1%. Finally, the technical result was UY$ (-5255.5 million) indicating a technical loss for the period.
