Key Insights
The Uruguayan insurance market expanded solidly during the twelve months ending June 2025, driven by broad growth across both life and non-life lines. Total net written premiums reached UYU 57.8 billion, representing a 9.3% increase compared to the same period in 2024. Despite this healthy expansion, profitability indicators weakened as claims and expenses grew faster than premiums. The sector’s technical result turned negative, with a loss of UYU 114 million versus a profit of UYU 1.0 billion a year earlier.
Claims and acquisition costs were the main drivers behind the contraction in technical margins. Net incurred claims increased by 13.2%, and acquisition expenses by 13.9%, outpacing premium growth. Operating expenses also rose by 10.5%, reflecting inflationary pressures and higher administrative costs. This combination reduced insurers’ underwriting results despite a robust rise in written business.
Life insurance remained the dominant segment, accounting for 57% of total premiums and growing by 10% year-on-year. Within this segment, annuities led with a 13% increase, supported by the expanding pension market. Group life without return of premiums also performed strongly with 16% growth. Non-life business increased by 9%, with notable gains in engineering and surety, which expanded by 38% and 28% respectively, partially offset by a 21% decline in the miscellaneous category.
The market continues to show a highly concentrated structure. The state-owned Banco de Seguros del Estado (BSE) maintained its overwhelming leadership with a 71.9% market share, followed by MAPFRE with 6.5%, SURA with 5.4%, and Porto with 5.0%. Zurich Santander, Sancor, MetLife, and HDI completed the group of insurers with more than one percent of market share.
Among companies with positive technical results, Zurich Santander achieved the highest underwriting profit in June 2025, totaling UYU 319.8 million. Porto followed with UYU 259.6 million, while MetLife and MAPFRE also posted significant surpluses. These results underline that competitive positioning in Uruguay depends not only on market share but also on cost efficiency and claims management across specific lines of business.
Market Overview
The Uruguayan insurance market reached total net written premiums of UYU 57.8 billion as of June 2025, up from UYU 52.9 billion one year earlier. This 9.3% expansion reflects steady demand across all major insurance categories, supported by stable economic conditions and a moderate rise in consumer and business confidence. However, this growth came with increasing cost pressures. Net incurred claims totaled UYU 38.9 billion, up 13.2% from the previous year, while acquisition expenses reached UYU 7.8 billion, a 13.9% rise. Operating expenses increased to UYU 8.3 billion, or 10.5% above the June 2024 level. As a result, the aggregate technical result of the industry deteriorated sharply, shifting from a surplus of UYU 1.0 billion to a deficit of UYU 114 million.
In the non-life segment, total premiums amounted to UYU 24.9 billion, a 9% increase over the previous year. Within this group, engineering insurance showed the most dynamic performance, growing by 38%, followed by surety with 28% and fire with 13%. Accident insurance expanded 6%, while credit insurance grew only 2%. The “other” non-life category contracted by 21%, suggesting a reallocation of portfolios toward core business lines with more predictable profitability.
The life segment remained the largest component of the market with UYU 33.0 billion in premiums and a 10% year-on-year increase. Annuities represented the bulk of this business, generating UYU 23.6 billion in premiums, up 13%. Group life without return of premiums also showed solid growth of 16%, indicating corporate demand resilience. Accident-related life policies rose by 7%, health insurance by 5%, and other smaller life products by 26%. The life market therefore continues to show stable growth driven by long-term savings products and employer-sponsored coverage.
The industry structure remains markedly concentrated. Banco de Seguros del Estado (BSE) continues to dominate with 71.86% of total market share. The remaining insurers together represent less than 30% of the market, with MAPFRE (6.52%), SURA (5.40%), Porto (4.97%), and Zurich Santander (3.03%) leading among private participants. Other notable players include Sancor, MetLife, HDI, SBI, Surco, San Cristóbal, Berkley, FAR, CUTCSA, Bottias-Barbuss, and INSUR. This structure underscores BSE’s systemic importance and the limited room for smaller players to expand without niche or partnership strategies.
Despite the overall negative technical result at market level, several insurers maintained positive underwriting performance. Zurich Santander achieved the highest technical profit, amounting to UYU 319.8 million, followed by Porto with UYU 259.6 million. MetLife reported UYU 119.2 million, MAPFRE UYU 59.2 million, and SBI UYU 48.8 million. Sancor, HDI, and Berkley also posted positive but smaller results. These figures reveal that while the market faced margin pressures, operational efficiency and portfolio diversification allowed some insurers to preserve profitability even in a challenging cost environment.
Looking ahead, the combination of moderate economic growth, stable inflation, and ongoing demand for life and pension products provides a positive backdrop for premium expansion. However, maintaining profitability will depend on cost control and prudent claims management, particularly in motor, accident, and health lines. Competitive differentiation is increasingly determined by technological investment, service quality, and product innovation, as large players consolidate their dominance and smaller companies focus on specialized niches.
Data and Methodology
The data presented in this report are sourced from the market research study which analyzes financial statements and technical information by coverage for all insurance entities operating in the country. The study includes different insurance breakdowns in both life and non-life segments and compiles quarterly historical data from 2019 to the present date.
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A complete version of the report is available for instant 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