Non-Life Insurance in Uruguay, Key Trends and Opportunities to 2020

Non-Life Insurance in Uruguay, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Non-Life Insurance in Uruguay Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Uruguayan non-life insurance segment, and a comparison of the Uruguayan insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Uruguayan economy and demographics, explains the various types of natural and man-made hazards and their impact on the Uruguayan insurance industry, 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 'Non-Life Insurance in Uruguay Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Uruguayan non-life insurance segment, including:

The Uruguayan non-life segment's detailed outlook by product category

A comprehensive overview of the Uruguayan economy and demographics

A comparison of the Uruguayan non-life insurance segment with its regional counterparts

The various distribution channels in the Uruguayan non-life insurance segment

Detailed analysis of natural and man-made hazards and their impact on the Uruguayan insurance industry

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

Details of regulatory policy applicable to the Uruguayan insurance industry

Scope

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

It provides historical values for the Uruguayan non-life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the Uruguayan non-life insurance segment, and market forecasts to 2020.

It provides a comparison of the Uruguayan non-life insurance segment with its regional counterparts

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

It analyzes various natural and man-made hazards and their impact on the Uruguayan insurance industry

It profiles the top non-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 non-life insurance segment, and each category within it.

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

Assess the competitive dynamics in the non-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

The non-life segment is concentrated with the five leading insurers accounting for 92.5% of the segment's gross written premium in 2015.

Uruguay permits 100% foreign direct investment (FDI) in the insurance industry.

The introduction of new regulations to provide affordable auto insurance to low-income motorists, effective from January 1, 2015.

In July 2015, through its subsidiary Grupo de Inversiones Suramericana, Sura Group acquired Royal & Sun Alliance Seguros (Uruguay) SA for UYU22.3 billion (US$614.0 million).



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

7 Natural and Man-made Hazards

7.1 Flooding

7.2 Droughts

7.3 Storms

7.4 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Banco de Seguros del Estado-company overview

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

8.1.3 Porto Seguro-Seguros del Uruguay SA-company overview

8.1.4 Mapfre La Uruguaya SA-company overview

8.1.5 Sancor Seguros SA-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Workers' compensation insurance

9.4.2 Motor third-party liability insurance

9.4.3 Liability for ships with respect to oil pollution

9.4.4 Aviation liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Association of Insurance Supervisors Latin America

9.5.3 Superintendence of Insurance and Reinsurance

9.5.4 Asociacin Uruguaya de Empresas Aseguradoras

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxations

9.8.2 Withholding taxes on premium paid overseas.

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Liability Insurance

10.8 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 Disclaimer

Figure 1: Uruguayan Real GDP (UYU Billion), 2011-2020

Figure 2: Uruguayan Inflation Rate (%), 2011-2020

Figure 3: Uruguayan UYU-US$ Exchange Rate, 2011-2020

Figure 4: Uruguayan Current Account Balance (% of GDP), 2011-2020

Figure 5: Uruguayan Unemployment Rate (%), 2011-2020

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

Figure 7: Uruguayan Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Uruguayan Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Uruguayan Non-Life Insurance-Gross Written Premium (UYU Billion), 2011-2020

Figure 10: Uruguayan Non-Life Insurance-Penetration (%), 2011-2020

Figure 11: Uruguayan Non-Life Insurance-Premium per Capita (UYU), 2011-2020

Figure 12: Uruguayan Non-Life Insurance-Paid Claims (UYU Billion), 2011-2020

Figure 13: Uruguayan Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 14: Uruguayan Non-Life Insurance-Total Assets (UYU Billion), 2011-2020

Figure 15: Uruguayan Non-Life Insurance-Investment Portfolio (UYU Billion), 2011-2020

Figure 16: Uruguayan Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 17: Uruguayan Non-Life Insurance-Direct Written Premium by Category (UYU Billion), 2011-2020

Figure 18: Uruguayan Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 19: Uruguayan Property Insurance-Direct Written Premium by Sub-Category (UYU Billion), 2011-2020

Figure 20: Uruguayan Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 21: Uruguayan Property Insurance-Paid Claims (UYU Billion), 2011-2020

Figure 22: Uruguayan Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (UYU Billion and %), 2011-2020

Figure 23: Uruguayan Motor Insurance-Direct Written Premium (UYU Billion), 2011-2020

Figure 24: Uruguayan Motor Insurance-Paid Claims (UYU Billion), 2011-2020

Figure 25: Uruguayan Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (UYU Billion and %), 2011-2020

Figure 26: Uruguayan Liability Insurance-Direct Written Premium (UYU Million), 2011-2020

Figure 27: Uruguayan Liability Insurance-Paid Claims (UYU Million), 2011-2020

Figure 28: Uruguayan Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (UYU Million and %), 2011-2020

Figure 29: Uruguayan Marine, Aviation and Transit Insurance-Direct Written Premium (UYU Billion), 2011-2020

Figure 30: Uruguayan Marine, Aviation and Transit Insurance-Paid Claims (UYU Million), 2011-2020

Figure 31: Uruguayan Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (UYU Million and %), 2011-2020

Figure 32: Uruguay-Frequency of Hazards by Type, 1990-2014

Figure 33: Uruguay Mortality by Hazards Type, 1990-2014

Figure 34: Uruguay Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 35: Uruguay-Insurance Supervision and Control at Various Levels

Figure 36: Uruguay-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Uruguayan Non-Life Insurance-Key Facts, 2014

Table 2: Uruguayan Non-Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Uruguay Government Credit Ratings

Table 4: Uruguayan Non-Life Insurance-Gross Written Premium (UYU Billion and US$ Million), 2011-2015

Table 5: Uruguayan Non-Life Insurance-Penetration (%), 2011-2015

Table 6: Uruguayan Non-Life Insurance-Gross Written Premium (UYU Billion and US$ Billion), 2015-2020

Table 7: Uruguayan Non-Life Insurance-Penetration (%), 2015-2020

Table 8: Uruguayan Non-Life Insurance-Premium per Capita (UYU and US$), 2011-2015

Table 9: Uruguayan Non-Life Insurance-Premium per Capita (UYU and US$), 2015-2020

Table 10: Uruguayan Non-Life Insurance-Paid Claims (UYU Billion and US$ Million), 2011-2015

Table 11: Uruguayan Non-Life Insurance-Paid Claims (UYU Billion and US$ Million), 2015-2020

Table 12: Uruguayan Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 13: Uruguayan Non-Life Insurance-Profitability Ratio (%), 2015-2020

Table 14: Uruguayan Non-Life Insurance-Total Assets (UYU Billion and US$ Billion), 2011-2015

Table 15: Uruguayan Non-Life Insurance-Total Assets (UYU Billion and US$ Billion), 2015-2020

Table 16: Uruguayan Non-Life Insurance-Investment Portfolio (UYU Billion), 2011-2015

Table 17: Uruguayan Non-Life Insurance-Investment Portfolio (UYU Billion), 2015-2020

Table 18: Uruguayan Non-Life Insurance-Direct Written Premium by Category (UYU Billion), 2011-2015

Table 19: Uruguayan Non-Life Insurance-Direct Written Premium by Category (UYU Billion), 2015-2020

Table 20: Uruguayan Property Insurance-Direct Written Premium by Sub-Category (UYU Billion), 2011-2015

Table 21: Uruguayan Property Insurance-Direct Written Premium by Sub-Category (UYU Billion), 2015-2020

Table 22: Uruguayan Property Insurance-Paid Claims (UYU Million and US$ Million), 2011-2015

Table 23: Uruguayan Property Insurance-Paid Claims (UYU Billion and US$ Million), 2015-2020

Table 24: Uruguayan Property Insurance-Loss Ratio (%), 2011-2015

Table 25: Uruguayan Property Insurance-Loss Ratio (%), 2015-2020

Table 26: Uruguayan Motor Insurance-Direct Written Premium (UYU Billion and US$ Million), 2011-2015

Table 27: Uruguayan Motor Insurance-Direct Written Premium (UYU Billion and US$ Million), 2015-2020

Table 28: Uruguayan Motor Insurance-Paid Claims (UYU Billion and US$ Million), 2011-2015

Table 29: Uruguayan Motor Insurance-Paid Claims (UYU Billion and US$ Million), 2015-2020

Table 30: Uruguayan Motor Insurance-Loss Ratio (%), 2011-2015

Table 31: Uruguayan Motor Insurance-Loss Ratio (%), 2015-2020

Table 32: Uruguayan Liability Insurance-Direct Written Premium (UYU Million & US$ Million), 2011-2015

Table 33: Uruguayan Liability Insurance-Direct Written Premium (UYU Million and US$ Million), 2015-2020

Table 34: Uruguayan Liability Insurance-Paid Claims (UYU Million and US$ Million), 2011-2015

Table 35: Uruguayan Liability Insurance-Paid Claims (UYU Million and US$ Million), 2015-2020

Table 36: Uruguayan Liability Insurance-Loss Ratio (%), 2011-2015

Table 37: Uruguayan Liability Insurance-Loss Ratio (%), 2015-2020

Table 38: Uruguayan Transport Network-Global Rankings

Table 39: Uruguayan Marine, Aviation and Transit Insurance-Direct Written Premium (UYU Million & US$ Million), 2011-2015

Table 40: Uruguayan Marine, Aviation and Transit Insurance-Direct Written Premium (UYU Billion and US$ Million), 2015-2020

Table 41: Uruguayan Marine, Aviation and Transit Insurance-Paid Claims (UYU Million and US$ Million), 2011-2015

Table 42: Uruguayan Marine, Aviation and Transit Insurance-Paid Claims (UYU Million and US$ Million), 2015-2020

Table 43: Uruguayan Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 44: Uruguayan Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 45: Uruguayan Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Table 46: Banco de Seguros del Estado-Key Facts

Table 47: Banco de Seguros del Estado-Key Financials (UYU Billion), 2011-2015

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

Table 49: Royal & Sun Alliance Seguros (Uruguay) SA-Key Financials (UYU Billion), 2011-2015

Table 50: Porto Seguro-Seguros del Uruguay SA-Key Facts

Table 51: Porto Seguro-Seguros del Uruguay SA-Key Financials (UYU Billion), 2011-2015

Table 52: Mapfre La Uruguaya SA-Key Facts

Table 53: Mapfre La Uruguaya SA-Key Financials (UYU Million), 2011-2015

Table 54: Sancor Seguros SA-Key Facts

Table 55: Sancor Seguros SA-Key Financials (UYU Million), 2011-2015

Table 56: Uruguay-Insurance Regulatory Framework Key Features

Table 57: Uruguay-Life Insurance Regulatory Framework

Table 58: Uruguay-Property Insurance Regulatory Framework

Table 59: Uruguay-Motor Insurance Regulatory Framework

Table 60: Uruguay-Liability Insurance Regulatory Framework

Table 61: Uruguay-Insurance Premium Tax Rates

Table 62: Uruguay-Corporate Tax Rates for the Financial Year 2016

Table 63: Uruguayan Insurance Industry-Policies and Premium, 2011-2015

Table 64: Uruguayan Insurance Industry-Policies and Premium, 2015-2020

Table 65: Uruguayan Non-Life Insurance-Claims and Expenses, 2011-2015

Table 66: Uruguayan Non-Life Insurance-Claims and Expenses, 2015-2020

Table 67: Uruguayan Non-Life Insurance-Assets and Investments, 2011-2015

Table 68: Uruguayan Non-Life Insurance-Assets and Investments, 2015-2020

Table 69: Uruguayan Non-Life Insurance-Property Insurance, 2011-2015

Table 70: Uruguayan Non-Life Insurance-Property Insurance, 2015-2020

Table 71: Uruguayan Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 72: Uruguayan Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 73: Uruguayan Non-Life Insurance-Motor Insurance, 2011-2015

Table 74: Uruguayan Non-Life Insurance-Motor Insurance, 2015-2020

Table 75: Uruguayan Non-Life Insurance-Liability Insurance, 2011-2015

Table 76: Uruguayan Non-Life Insurance-Liability Insurance, 2015-2020

Table 77: Uruguayan Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 78: Uruguayan Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 79: Insurance Industry Definitions

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Banco de Seguros del Estado Royal & Sun Alliance Seguros (Uruguay) SA Porto Seguro-Seguros del Uruguay SA Mapfre Uruguay Compania de Seguros SA (Grales) Sancor Seguros SA AIG Seguros Uruguay SA HDI Seguros SA Compania Cooperativa de Seguros Surco Far Compania de Seguros SA Berkley International Seguros SA (Uruguay)

Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Agencies, Insurance brokers, Direct marketing, Natural and man-made hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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