The Uruguayan insurance market demonstrated significant growth and positive performance as of June 2024. The total market size, as measured by net premiums issued after cancellations, reached 52.873 million pesos, reflecting a 23.3% year-on-year nominal increase from June 2023. This growth was supported by a 13.6% rise in net claims incurred, which amounted to 34.334 million pesos, and a 15.2% increase in net acquisition expenses, totaling 6.865 million pesos. Within these expenses, commissions rose by 13.4%, reaching 5.287 million pesos. Additionally, operating expenses grew by 9.8%, amounting to 7.551 million pesos.
Insurance Market in Uruguay 2011-2024
Direct written premiums - Pesos (millions)
Direct written premiums - Pesos (YoY%)
Direct written premiums in USD (millions) / UY$ x USD
Source: INSURANCE COMPANIES IN URUGUAY: FINANCIAL STATEMENTS Q2.2024 DATABASE
One of the most notable aspects of the period was the significant improvement in the technical result, which turned positive with 1.033 million pesos, a sharp recovery from the -3.766 million pesos recorded in the same period the previous year, representing a total increase of 4.798 million pesos.
One of the most notable aspects of the period was the significant improvement in the technical result, which turned positive with 1.033 million pesos, a sharp recovery from the -3.766 million pesos recorded in the same period the previous year, representing a total increase of 4.798 million pesos.
Direct written premiums by business line
Q2.2024
In terms of performance by coverage, the non-life insurance segment recorded a volume of premiums of 22.816 million pesos, representing an 8% increase year-on-year. Within this segment, vehicle insurance premiums rose by 14%, accidents insurance by 4%, and robbery insurance by 9%. Conversely, the all-risk operational insurance saw a decline of 6%, and rural insurance experienced a slight decrease of 1%. The surety segment, however, showed a robust growth of 16%.
The life insurance segment exhibited even more pronounced growth, with total premiums amounting to 30.057 million pesos, reflecting a 38% year-on-year increase. Within this segment, annuities saw a remarkable 75% growth, making it the leading contributor to the segment’s expansion. Other significant changes included a 16% increase in collective life insurance without RM, a 274% surge in accident insurance, and a 141% rise in health insurance. However, collective pension life insurance experienced a 30% decline.
The life insurance segment exhibited even more pronounced growth, with total premiums amounting to 30.057 million pesos, reflecting a 38% year-on-year increase. Within this segment, annuities saw a remarkable 75% growth, making it the leading contributor to the segment’s expansion. Other significant changes included a 16% increase in collective life insurance without RM, a 274% surge in accident insurance, and a 141% rise in health insurance. However, collective pension life insurance experienced a 30% decline.
Market share growth ranking - Life & non-Life
In the competitive landscape, BSE maintained a dominant market share with 72.4% of net direct premiums, followed by MAPFRE at 6.3%, SURA at 5.1%, PORTO at 4.5%, and Zurich Santander at 3.0%. The remaining 8.8% was distributed among other players. BSE also led the market in market share growth, with an increase of 1.74 percentage points, while HDI, SURA, SURCO, and Bottias-Barbuss also recorded increases.
In the life and personal insurance segment, BSE held an overwhelming market share of 85%, followed by Zurich Santander with 4.4%, MAPFRE with 3.3%, MetLife with 2.4%, and PORTO with 2.0%. In the non-life segment, BSE also led with 55.7%, followed by MAPFRE with 10.2%, SURA with 9.9%, PORTO with 7.8%, and Sancor with 4.2%.
In the life and personal insurance segment, BSE held an overwhelming market share of 85%, followed by Zurich Santander with 4.4%, MAPFRE with 3.3%, MetLife with 2.4%, and PORTO with 2.0%. In the non-life segment, BSE also led with 55.7%, followed by MAPFRE with 10.2%, SURA with 9.9%, PORTO with 7.8%, and Sancor with 4.2%.
Overall, the Uruguayan insurance market experienced robust growth and significant improvements in key financial metrics during the period ending June 2024, driven by strong performances in both the life and non-life segments and a notable recovery in technical results.
Direct claims / Premiums ratio
by insurer
Direct claims / Premiums ratio
by business line
FINANCIAL STATEMENTS AND NET WRITTEN PREMIUMS ANALYSIS
Q2.2024
KEY PLAYERS
BSE - Banco de Seguros
The State Insurance Bank (Banco de Seguros del Estado, BSE) is one of Uruguay's leading public enterprises, operating as an autonomous state entity with both commercial and social objectives. It is under the jurisdiction of the Ministry of Economy and Finance, and is overseen by the Court of Auditors and the Central Bank. BSE has a widespread presence, with service centers in Montevideo, branches in all departmental capitals, an office in Ciudad de la Costa, over 50 agencies in towns and cities across the country, and works with more than 1,500 insurance brokers.
The first insurance companies in Uruguay emerged in the latter half of the 19th century, primarily foreign, especially British, focusing on maritime risks, fire insurance, life insurance, and other risks such as vehicle damage and glass breakage.
The BSE was established on December 27, 1911, by law number 3935, driven by President José Batlle y Ordóñez as part of the state-driven reforms of the early 20th century. The goal was to keep profits within the country and make insurance accessible to all social classes by reducing premiums. In the 1970s, BSE expanded into new areas such as export and engineering insurance, in line with major infrastructure projects, and adopted an expansive reinsurance policy, acting as both reinsurer and retrocessionaire in the region.
In 1993, law 16.426 ended the monopoly on most insurance sectors, except for work-related accidents. In response, BSE adjusted its market strategy and administrative structure to maintain its market leadership.
The first insurance companies in Uruguay emerged in the latter half of the 19th century, primarily foreign, especially British, focusing on maritime risks, fire insurance, life insurance, and other risks such as vehicle damage and glass breakage.
The BSE was established on December 27, 1911, by law number 3935, driven by President José Batlle y Ordóñez as part of the state-driven reforms of the early 20th century. The goal was to keep profits within the country and make insurance accessible to all social classes by reducing premiums. In the 1970s, BSE expanded into new areas such as export and engineering insurance, in line with major infrastructure projects, and adopted an expansive reinsurance policy, acting as both reinsurer and retrocessionaire in the region.
In 1993, law 16.426 ended the monopoly on most insurance sectors, except for work-related accidents. In response, BSE adjusted its market strategy and administrative structure to maintain its market leadership.
MAPFRE established its presence in Uruguay in 1995, becoming the first foreign private insurer to obtain permission to operate in the country following the deregulation of the insurance industry. Since its inception, MAPFRE has experienced continuous growth, enhancing its offerings and services for policyholders and innovating in various areas with high-level, tailored coverage for the Uruguayan market. The company operates in all insurance sectors in Uruguay, except for work-related accidents, and is the only private insurer with its own nationwide network.
**History:** MAPFRE was founded in 1933 as the Mutual Insurance Company for the Grouping of Rural Estates in Spain, initially to provide insurance for agricultural workers. In 1955, the foundation was laid for the modern entity, expanding its operations to other insurance areas such as life, accident, and transport insurance.
In the 1970s, MAPFRE initiated its international strategy in Latin America, focusing on Assistance and Reinsurance as key aspects of its insurance business. In 1975, the MAPFRE Foundation was established, and by the 1980s, MAPFRE had become Spain's leading insurance company. It solidified its Latin American presence through significant investments, culminating in the 1990s with the creation of a regional insurance network tailored to local needs, modeled after its successful Spanish operations.
From 2000 onwards, MAPFRE's companies in Latin America experienced accelerated growth, combined with diversification of distribution channels in Spain. A reorganization in 2007 provided MAPFRE with a corporate structure and financial capacity to continue expanding its activities internationally. The MAPFRE Foundation became the majority shareholder, ensuring the independence of the newly formed MAPFRE S.A., which oversees all group activities.
Since then, MAPFRE has driven its global expansion, focusing on geographic diversification and entering high-growth potential markets like the United States and Turkey. In 2012, Antonio Huertas assumed the presidency of MAPFRE, leading the multinational insurer with operations in 49 countries across five continents and business activities in over 100 countries.
**History:** MAPFRE was founded in 1933 as the Mutual Insurance Company for the Grouping of Rural Estates in Spain, initially to provide insurance for agricultural workers. In 1955, the foundation was laid for the modern entity, expanding its operations to other insurance areas such as life, accident, and transport insurance.
In the 1970s, MAPFRE initiated its international strategy in Latin America, focusing on Assistance and Reinsurance as key aspects of its insurance business. In 1975, the MAPFRE Foundation was established, and by the 1980s, MAPFRE had become Spain's leading insurance company. It solidified its Latin American presence through significant investments, culminating in the 1990s with the creation of a regional insurance network tailored to local needs, modeled after its successful Spanish operations.
From 2000 onwards, MAPFRE's companies in Latin America experienced accelerated growth, combined with diversification of distribution channels in Spain. A reorganization in 2007 provided MAPFRE with a corporate structure and financial capacity to continue expanding its activities internationally. The MAPFRE Foundation became the majority shareholder, ensuring the independence of the newly formed MAPFRE S.A., which oversees all group activities.
Since then, MAPFRE has driven its global expansion, focusing on geographic diversification and entering high-growth potential markets like the United States and Turkey. In 2012, Antonio Huertas assumed the presidency of MAPFRE, leading the multinational insurer with operations in 49 countries across five continents and business activities in over 100 countries.
SURA URUGUAY
The company is a Colombian investment manager that focuses on developing a solid, long-term investment portfolio centered on financial services and growth potential in Latin America. Its portfolio includes leading companies in insurance, savings, asset management, and banking, complemented by industrial investments.
The company serves as the holding entity for the SURA-Bancolombia Financial Conglomerate, which operates in 11 Latin American countries. It is publicly traded on the Colombian Stock Exchange (BVC) and is part of the ADR Level I program in the United States.
SURA continuously evolves its strategy to anticipate risks, seize opportunities, and strengthen its balanced management of four types of capital: economic, social, human, and natural. This approach is sustainable when the portfolio companies contribute to supporting individuals and businesses in navigating present and future uncertainties, thereby promoting the well-being and development of the regions where they operate.
The company’s capital allocation prioritizes financial and related services, focusing on three key investments: Suramericana, a subsidiary specializing in the insurance industry, providing risk management and trend analysis services to individuals and businesses across nine countries. It is the third-largest Latin American insurer by premiums issued in the region; SURA Asset Management: a subsidiary that is an expert in savings, investment, and asset management, operating in six countries. It is a regional leader in the pension industry and serves as an investment platform for individuals and institutional clients; Bancolombia: a company in which the company is the principal (non-controlling) shareholder. Bancolombia offers specialized and complementary universal banking services, making it a leader in Colombia, with its subsidiaries forming the main financial network in Central America.
Overall, the company's investments provide balanced diversification and exposure to various risks, industries, geographies, and stages of business maturity within the portfolio. Since 2011, the company has been part of the Dow Jones Sustainability Index (DJSI), which recognizes companies worldwide for their best practices in economic, social, environmental, and corporate governance.
The company serves as the holding entity for the SURA-Bancolombia Financial Conglomerate, which operates in 11 Latin American countries. It is publicly traded on the Colombian Stock Exchange (BVC) and is part of the ADR Level I program in the United States.
SURA continuously evolves its strategy to anticipate risks, seize opportunities, and strengthen its balanced management of four types of capital: economic, social, human, and natural. This approach is sustainable when the portfolio companies contribute to supporting individuals and businesses in navigating present and future uncertainties, thereby promoting the well-being and development of the regions where they operate.
The company’s capital allocation prioritizes financial and related services, focusing on three key investments: Suramericana, a subsidiary specializing in the insurance industry, providing risk management and trend analysis services to individuals and businesses across nine countries. It is the third-largest Latin American insurer by premiums issued in the region; SURA Asset Management: a subsidiary that is an expert in savings, investment, and asset management, operating in six countries. It is a regional leader in the pension industry and serves as an investment platform for individuals and institutional clients; Bancolombia: a company in which the company is the principal (non-controlling) shareholder. Bancolombia offers specialized and complementary universal banking services, making it a leader in Colombia, with its subsidiaries forming the main financial network in Central America.
Overall, the company's investments provide balanced diversification and exposure to various risks, industries, geographies, and stages of business maturity within the portfolio. Since 2011, the company has been part of the Dow Jones Sustainability Index (DJSI), which recognizes companies worldwide for their best practices in economic, social, environmental, and corporate governance.
PORTO SEGURO URUGUAY
Porto Seguro Companhia de Seguros Gerais was established on August 27, 1945, in Porto Alegre, Brazil, starting with 50 employees and offering just two insurance products: automobile and home insurance. From its inception, the company focused on deeply understanding the society in which it operated, leading to the development of new products and services that prioritized innovation and aimed to provide a unique and special experience for policyholders at every point of contact.
Fifty years later, on June 19, 1995, Porto Seguro expanded internationally, launching its first operations outside Brazil in Uruguay. The company established its presence in Montevideo with twelve employees and initially offered only automobile insurance.
Porto Seguro has always considered itself a community of people, including employees, directors, shareholders, brokers, and service providers, committed to building close relationships with its customers. This approach has led the company to become the leading private insurer in Uruguay's automotive sector.
In 2013, reflecting its commitment to staying at the forefront of industry demands, Porto Seguro inaugurated a new headquarters in Uruguay, spanning over 3,200 square meters. Building on the strong foundation established over the years, Porto Seguro continues to advance in Uruguay, seeking new ways to connect with society, expanding its services and products, and developing innovative, adaptable solutions to meet the needs of the market.
Fifty years later, on June 19, 1995, Porto Seguro expanded internationally, launching its first operations outside Brazil in Uruguay. The company established its presence in Montevideo with twelve employees and initially offered only automobile insurance.
Porto Seguro has always considered itself a community of people, including employees, directors, shareholders, brokers, and service providers, committed to building close relationships with its customers. This approach has led the company to become the leading private insurer in Uruguay's automotive sector.
In 2013, reflecting its commitment to staying at the forefront of industry demands, Porto Seguro inaugurated a new headquarters in Uruguay, spanning over 3,200 square meters. Building on the strong foundation established over the years, Porto Seguro continues to advance in Uruguay, seeking new ways to connect with society, expanding its services and products, and developing innovative, adaptable solutions to meet the needs of the market.
ZURICH SANTANDER SEGUROS URUGUAY
Zurich Santander was founded in 2011 through a joint alliance between Zurich Insurance Group and Banco Santander, thus creating a Joint Venture between these two leaders in their sectors.
The company operates in Brazil, Mexico, Chile, Argentina and Uruguay, and our regional offices are based in Madrid, Spain, currently offering one of the broadest portfolios of insurance products on the market.
The company operates in Brazil, Mexico, Chile, Argentina and Uruguay, and our regional offices are based in Madrid, Spain, currently offering one of the broadest portfolios of insurance products on the market.
OTHER KEY PLAYERS
SANCOR SEGUROS URUGUAY
HDI URUGUAY
METLIFE URUGUAY
SURCO
SBI
SAN CRISTOBAL SEGUROS URUGUAY
BERKLEY URUGUAY
FAR
CUTSA
BOTTIAS-BARBUSS
INSUR