Key Insights
The Uruguayan insurance market showed a solid expansion in the 12 months ending March 2025, with net written premiums reaching UYU 29.5 billion, reflecting a 19.4% year-on-year increase. This growth was more pronounced in life insurance, which expanded 27%, compared to a 10% increase in the non-life segment.
Profitability in the sector improved significantly. The technical result grew from UYU 1.0 billion to UYU 3.7 billion, an impressive 267% increase, driven by both higher premium volume and a relatively more moderate rise in claims and operating expenses.
Life insurance growth was led by annuities, which surged 40%, confirming the relevance of long-term savings products. Other personal lines such as collective life and health insurance also reported double-digit increases, suggesting an expansion of coverage in the population.
In non-life, growth was more modest overall, but certain lines performed strongly. Engineering insurance premiums rose 56% and surety insurance jumped 31%, pointing to increased economic activity in construction and public works.
The market remains highly concentrated. BSE alone accounts for over 72% of the total market, followed at a distance by MAPFRE, SURA, PORTO, and Zurich Santander, which together make up most of the remaining share.
Market Overview
The total net written premiums of Uruguay’s insurance market grew from UYU 24.7 billion in March 2024 to UYU 29.5 billion in March 2025, marking a 19.4% increase. This expansion reflects both higher demand for insurance and adjustments in pricing, amid an environment of economic stability and gradual reactivation. Net incurred claims reached UYU 15.7 billion, up 10.9% compared to the previous year. Acquisition costs, which include commissions, amounted to UYU 3.9 billion, a 12.6% increase, with commissions themselves rising by 13.1% to UYU 3.0 billion. Operating expenses climbed 11.4% to UYU 4.3 billion.
As a result, the technical result showed a significant improvement, rising from UYU 1.0 billion in March 2024 to UYU 3.7 billion in March 2025. This jump indicates that growth in premiums outpaced the increase in costs, contributing to better margins for the sector overall.
Life insurance continued to lead market growth, with total premiums of UYU 16.9 billion, a 27% annual increase. Annuities were the dominant product, with premiums of UYU 12.5 billion and a remarkable 40% year-on-year growth. Other products in this segment also expanded: collective life without return of premiums rose 15% to UYU 1.8 billion, health insurance grew 14%, and personal accident coverage increased 4%.
Non-life insurance premiums amounted to UYU 12.6 billion, 10% higher than in the previous year. Within this segment, engineering insurance experienced a 56% growth to UYU 255 million, likely tied to infrastructure or industrial developments. Surety insurance also had an outstanding performance, growing 31% to UYU 581 million. Fire insurance rose 13%, and credit insurance grew a moderate 5%, while accident insurance in the non-life category showed a marginal 2% growth. The "others" category declined 25%, partially offsetting the gains in the main lines.
From a competitive perspective, the market continues to be dominated by Banco de Seguros del Estado (BSE), which increased its market share to 72.21%. MAPFRE Uruguay follows with 6.92%, and SURA holds 5.06%. Other relevant players include PORTO with 5.00%, and Zurich Santander with 2.94%. The remaining companies, such as SANCOR, METLIFE, HDI, SBI, SURCO, SAN CRISTOBAL, and BERKLEY, each hold less than 2% of market share. Niche players like BOTTIAS-BARBUSS in surety and CUTCSA retain marginal participation.
The data in this report comes from the March 2025 edition of Insurance in Uruguay: Competitive and Technical Analysis by Insurer, which analyzes official financial statements and technical information across all lines of business and insurance entities in the country.
Insurance in Uruguay - Competitive and Technical analysis by Insurer