Source: INSURANCE IN URUGUAY: COMPETITIVE AND TECHNICAL ANALYSIS BY INSURER. MARKET REPORT
Market Size and Performance
The Uruguayan insurance market closed December 2025 with moderate growth in premium production and a technical result that, although still negative, showed a significant improvement compared to the previous year.
Net written premiums reached 118,738 million pesos in December 2025, compared to 116,179 million pesos in December 2024, representing an interannual increase of 2.2%. On the cost side, net incurred claims totaled 82,220 million pesos, declining by 1.4% versus the 83,349 million pesos recorded a year earlier.
Net acquisition expenses rose to 16,183 million pesos from 14,622 million pesos, posting a notable increase of 10.7%. Within this item, commissions amounted to 12,437 million pesos, up 9.8% from the 11,323 million pesos observed in December 2024. Operating expenses also moved upward, reaching 16,415 million pesos compared with 15,511 million pesos in the prior year, equivalent to a 5.8% increase.
As a result of these dynamics, the technical result improved but remained negative. The market reported a technical loss of 4,336 million pesos in December 2025, compared with a loss of 6,645 million pesos in December 2024, implying an improvement of 2,309.44 million pesos.
Performance by Line of Business
The non-life segment generated premiums of 52,510 million pesos in December 2025, expanding by 5% year-on-year. Within this segment, Accident insurance reached 12,891 million pesos with growth of 4%. Surety totaled 2,437 million pesos, advancing by 13%, while Credit insurance posted 176 million pesos, up 2%. Fire insurance produced 1,318 million pesos with a 7% increase, and Engineering insurance reached 975 million pesos, rising 9%. The Other non-life lines accumulated 785 million pesos, growing 10%.
Life and personal lines recorded premiums of 66,228 million pesos, showing no variation compared with the previous year. Within this segment, Accident coverage totaled 2,029 million pesos, up 5%, while the Other category reached 351 million pesos, expanding 26%. Annuities remained the dominant business line with 47,248 million pesos but declined by 1% year-on-year. Health insurance amounted to 696 million pesos, increasing 13%, and Group Life excluding pension insurance reached 7,416 million pesos, rising 12%.
Competitive Landscape
Market concentration remained extremely high. BSE continued to dominate the Uruguayan insurance market with a 71.24% share of direct net premiums. It was followed at a significant distance by MAPFRE with 6.45%, SURA with 5.51%, and PORTO with 4.98%.
The second tier included ZURICH SANTANDER with 3.01%, SANCOR with 2.23%, METLIFE with 1.51%, and HDI with 1.43%. Smaller participants were SURCO and SBI, each with 1.04%, followed by SAN CRISTOBAL with 0.62%, BERKLEY with 0.55%, FAR with 0.25%, CUTCSA with 0.07%, BOTTIAS-BARBUSS (CAUCIONES) with 0.06%, and INSUR with 0.01%. The total market share summed to 100%.
Technical Results Ranking
Despite the overall negative technical balance of the market, several insurers reported positive technical results in 2025. ZURICH SANTANDER led the ranking with a technical profit of 592,623,649 pesos, followed by PORTO with 515,069,269 pesos.
METLIFE recorded 210,542,312 pesos, while MAPFRE achieved 176,607,924 pesos. HDI posted 48,180,895 pesos and BERKLEY reached 37,248,020 pesos. The ranking was completed by SBI with 8,701,742 pesos, BOTTIAS-BARBUSS (CAUCIONES) with 4,942,686 pesos, and FAR with 3,405,481 pesos.
Data and Methodology
The data presented in this report come from the market research study INSURANCE IN URUGUAY: COMPETITIVE AND TECHNICAL ANALYSIS BY INSURER, which analyzes financial statements and technical information by coverage for all insurers operating in the country. The study compiles detailed quarterly historical data from 2019 to the present and covers 21 different insurance lines across life and non-life segments.
Access the Full Report
A complete version of the report is available for download, including a free ranking overview and a professional edition with detailed breakdowns for each of the 16 insurers in each of the 21 coverage types analyzed. Access it here: INSURANCE IN URUGUAY: COMPETITIVE AND TECHNICAL ANALYSIS BY INSURER