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Life Insurance in Uruguay, Key Trends and Opportunities to 2019

Life Insurance in Uruguay, Key Trends and Opportunities to 2019


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Executive Summary

Timetric's 'Life Insurance in Uruguay, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Uruguayan life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Uruguayan economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Life Insurance in Uruguay, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Uruguayan life insurance segment, including:

The Uruguayan life insurance segment's growth prospects by life insurance category

Key trends, drivers and challenges for the life insurance segment

A comprehensive overview of the Uruguayan economy and demographics

The various distribution channels in the Uruguayan life insurance segment

Details of the competitive landscape in the life insurance segment in Uruguay

Details of regulatory policy applicable to the Uruguayan insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Uruguay:

It provides historical values for the Uruguayan life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the Uruguayan life insurance segment, and market forecasts to 2019.

It analyzes the various distribution channels for life insurance products in Uruguay.

It profiles the top life insurance companies in Uruguay and outlines the key regulations affecting them.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Uruguayan life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Uruguayan life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Uruguayan insurance industry, and their impact on companies and the industry's future.

Key Highlights

Life insurance was the fastest-growing segment in Uruguay's insurance industry during the review period at a CAGR of 26.7%.

The rising middle-income group, growing aging population, and mandatory social security contributions in the country primarily drove the growth.

Pension was both the leading and fastest-growing life insurance category during the review period. The category accounted for 58.7% of the life total gross written premium in 2014.

Government amendments to improve pension fund management and expansion of insurers' distribution networks are projected to increase life insurance penetration in Uruguay.

The Uruguayan life insurance segment is highly concentrated with the three leading life insurers accounting for 93.8% of the segment's total gross written premium in 2014.

1 Key Facts and Highlights

2 Executive Summary

3 Introduction

3.1 What is this Report About?

3.2 Definitions

3.3 Methodology

4 Economy and Demographics

5 Life Insurance Outlook

5.1 Key Drivers

5.2 Key Trends

5.3 Challenges

5.4 Life Insurance Growth Prospects by Category

5.5 Individual Life Insurance

5.5.1 Individual whole life insurance

5.5.2 Individual pension insurance

6 Analysis by Distribution Channel

7 Competitive Landscape and Strategic Insights

7.1 Overview

7.2 Leading Companies in the Uruguayan Life Insurance Segment

7.2.1 Banco de Seguros del Estado - company overview

7.2.2 MetLife Seguros SA - company overview

7.2.3 Mapfre La Uruguaya SA - company overview

7.2.4 Compania Cooperativa de Seguros Surco - company overview

7.2.5 Zurich Santander Seguros Uruguay SA - company overview

7.2.6 Sancor Seguros SA - company overview

7.2.7 Porto Seguro - Seguros del Uruguay SA - company overview

7.2.8 Royal & Sun Alliance Seguros (Uruguay) SA - company overview

7.2.9 HDI Seguros SA - company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulations

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability (MTPL) insurance

8.4.2 Worker's compensation insurance

8.4.3 Aviation liability insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Superintendence of Insurance and Reinsurance

8.5.3 Asociacin Uruguaya de Empresas Aseguradoras

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Types of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margins

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Appendix

9.1 Contact Timetric

9.2 About Timetric

9.3 Timetric's Services

9.4 Disclaimer

Figure 1: Uruguayan Real GDP (US$ Billion), 2010-2019

Figure 2: UYU-US$ Exchange Rate, 2010-2019

Figure 3: Uruguayan Consumer Price Inflation, 2010-2019

Figure 4: Uruguayan Current Account Balance as Percentage of GDP (%), 2010-2019

Figure 5: Uruguayan Unemployment Rate, 2010-2019

Figure 6: Uruguayan Population by Age Group, 1990-2025

Figure 7: Uruguayan Life Insurance - Gross Written Premium by Category (UYU Billion), 2010-2019

Figure 8: Uruguayan Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 9: Uruguayan Life Insurance - Gross Written Premium Dynamics by Segment (2010-2019)

Figure 10: Uruguayan Life Insurance - Net Earned Premium (UYU Billion), 2010-2014

Figure 11: Uruguayan Life Insurance - Net Earned Premium (UYU Billion), 2014-2019

Figure 12: Uruguayan Life Insurance - Paid Claims (UYU Billion), 2010-2014

Figure 13: Uruguayan Life Insurance - Paid Claims (UYU Billion), 2014-2019

Figure 14: Uruguayan Life Insurance - Incurred Loss (UYU Billion), 2010-2014

Figure 15: Uruguayan Life Insurance - Incurred Loss (UYU Billion), 2014-2019

Figure 16: Uruguayan Life Insurance - Commissions and Expenses (UYU Billion), 2010-2014

Figure 17: Uruguayan Life Insurance - Commissions and Expenses (UYU Billion), 2014-2019

Figure 18: Uruguayan Life Insurance - Net Written Premium (% of GWP), 2010-2014

Figure 19: Uruguayan Life Insurance - Net Written Premium (% of GWP), 2014-2019

Figure 20: Uruguayan Life Insurance - Total Assets (UYU Billion), 2010-2014

Figure 21: Uruguayan Life Insurance - Total Assets (UYU Billion), 2014-2019

Figure 22: Uruguayan Life Insurance - Net Written Premium (UYU Billion), 2010-2014

Figure 23: Uruguayan Life Insurance - Net Written Premium (UYU Billion), 2014-2019

Figure 24: Uruguayan Life Insurance - Investment Portfolio (UYU Billion), 2010-2014

Figure 25: Uruguayan Life Insurance - Investment Portfolio, 2010 and 2014

Figure 26: Uruguayan Life Insurance - Penetration (%), 2010-2014

Figure 27: Uruguayan Life Insurance - Direct Premium per Capita, 2010-2014

Figure 28: Uruguayan Life Insurance - Total Investments (UYU Billion), 2010-2014

Figure 29: Uruguayan Individual Life Insurance - Gross Written Premium by Category (UYU Billion), 2010-2019

Figure 30: Uruguayan Individual Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 31: Uruguayan Individual Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019

Figure 32: Uruguayan Individual Life Insurance - Direct Written Premium by Category (UYU Billion), 2010-2019

Figure 33: Uruguayan Individual Life Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 34: Uruguayan Individual Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019

Figure 35: Uruguayan Individual Whole Life Insurance - Direct Written Premium (UYU Billion), 2010-2014

Figure 36: Uruguayan Individual Whole Life Insurance - Direct Written Premium (UYU Billion), 2014-2019

Figure 37: Uruguayan Individual Pension Insurance - Direct Written Premium (UYU Billion), 2010-2014

Figure 38: Uruguayan Individual Pension Insurance - Direct Written Premium (UYU Billion), 2014-2019

Figure 39: Uruguayan Life Insurance - Segment Shares (%), 2014

Figure 40: Uruguay - Insurance Supervision and Control at Various Levels

Figure 41: Uruguay - Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Uruguayan Life Insurance - Key Facts, 2014

Table 2: Insurance Industry Definitions

Table 3: Uruguayan Government Credit Ratings

Table 4: Uruguayan Life Insurance - Gross Written Premium by Category (UYU Billion), 2010-2014

Table 5: Uruguayan Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014

Table 6: Uruguayan Life Insurance - Gross Written Premium by Category (UYU Billion), 2014-2019

Table 7: Uruguayan Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019

Table 8: Uruguayan Life Insurance - Net Earned Premium (UYU Billion), 2010-2014

Table 9: Uruguayan Life Insurance - Net Earned Premium (UYU Billion), 2014-2019

Table 10: Uruguayan Life Insurance - Paid Claims (UYU Billion), 2010-2014

Table 11: Uruguayan Life Insurance - Paid Claims (UYU Billion), 2014-2019

Table 12: Uruguayan Life Insurance - Incurred Loss (UYU Billion), 2010-2014

Table 13: Uruguayan Life Insurance - Incurred Loss (UYU Billion), 2014-2019

Table 14: Uruguayan Life Insurance - Commissions and Expenses (UYU Billion), 2010-2014

Table 15: Uruguayan Life Insurance - Commissions and Expenses (UYU Billion), 2014-2019

Table 16: Uruguayan Life Insurance - Net Written Premium (% of GWP), 2010-2014

Table 17: Uruguayan Life Insurance - Net Written Premium (% of GWP), 2014-2019

Table 18: Uruguayan Life Insurance - Total Assets (UYU Billion), 2010-2014

Table 19: Uruguayan Life Insurance - Total Assets (UYU Billion), 2014-2019

Table 20: Uruguayan Life Insurance - Net Written Premium (UYU Billion), 2010-2014

Table 21: Uruguayan Life Insurance - Net Written Premium (UYU Billion), 2014-2019

Table 22: Uruguayan Individual Life Insurance - Gross Written Premium by Category (UYU Billion), 2010-2014

Table 23: Uruguayan Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014

Table 24: Uruguayan Individual Life Insurance - Gross Written Premium by Category (UYU Billion), 2014-2019

Table 25: Uruguayan Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019

Table 26: Uruguayan Individual Life Insurance - Direct Written Premium by Category (UYU Billion), 2010-2014

Table 27: Uruguayan Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014

Table 28: Uruguayan Individual Life Insurance - Direct Written Premium by Category (UYU Billion), 2014-2019

Table 29: Uruguayan Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019

Table 30: Uruguayan Individual Whole Life Insurance - Direct Written Premium (UYU Billion), 2010-2014

Table 31: Uruguayan Individual Whole Life Insurance - Direct Written Premium (UYU Billion), 2014-2019

Table 32: Uruguayan Individual Pension Insurance - Direct Written Premium (UYU Billion), 2010-2014

Table 33: Uruguayan Individual Pension Insurance - Direct Written Premium (UYU Billion), 2014-2019

Table 34: Uruguayan Life Insurance - Segment Shares (%), 2014

Table 35: Banco de Seguros del Estado, Key Facts

Table 36: Banco de Seguros del Estado, Key Financials (UYU Million), 2010-2014

Table 37: MetLife Seguros SA, Key Facts

Table 38: MetLife Seguros SA, Key Financials (UYU Million), 2010-2014

Table 39: Mapfre La Uruguaya SA, Key Facts

Table 40: Mapfre La Uruguaya SA, Key Financials (UYU Million), 2010-2014

Table 41: Compania Cooperativa de Seguros Surco, Key Facts

Table 42: Compania Cooperativa de Seguros Surco, Key Financials (UYU Million), 2010-2014

Table 43: Zurich Santander Seguros Uruguay SA, Key Facts

Table 44: Zurich Santander Seguros Uruguay SA, Key Financials (UYU Million), 2010-2014

Table 45: Sancor Seguros SA, Key Facts

Table 46: Sancor Seguros SA, Key Financials (UYU Million), 2010-2014

Table 47: Porto Seguro - Seguros del Uruguay SA, Key Facts

Table 48: Royal & Sun Alliance Seguros (Uruguay) SA, Key Facts

Table 49: Royal & Sun Alliance Seguros (Uruguay) SA, Key Financials (UYU Million), 2010-2014

Table 50: HDI Seguros SA, Key Facts

Table 51: HDI Seguros SA, Key Financials (UYU Million), 2010-2014

Table 52: Uruguay - Insurance Regulatory Framework Key Features

Table 53: Uruguay - Life Insurance Regulatory Framework

Table 54: Uruguay - Property Insurance Regulatory Framework

Table 55: Uruguay - Motor Insurance Regulatory Framework

Table 56: Uruguay - Liability Insurance Regulatory Framework

Table 57: Uruguay ? Insurance Premium Tax Rates

Table 58: Uruguay - Corporate Taxes for the Financial Year 2015

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Banco de Seguros del Estado

MetLife Seguros SA

Mapfre La Uruguaya SA

Compania Cooperativa de Seguros Surco

Zurich Santander Seguros Uruguay SA

Sancor Seguros SA

Porto Seguro - Seguros del Uruguay SA

Royal & Sun Alliance Seguros (Uruguay) SA

HDI Seguros SA

Life insurance

Economy and Demographics

Individual whole life insurance

Group life insurance

Non-linked insurance business

Distribution channels

Bancassurance

Brokers

Leading companies

Legislation

Compulsory insurance

Supervision and control

Non-admitted insurance

Types of insurance organization


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