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Non-Life Insurance in Uruguay, Key Trends and Opportunities to 2019

Non-Life Insurance in Uruguay, Key Trends and Opportunities to 2019


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Executive Summary

Timetric's 'Non-Life Insurance in Uruguay, Key Trends and Opportunities to 2019' 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 (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, explains the various types of natural hazard 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 2019' report provides in-depth market analysis, information and insights into the Uruguayan non-life insurance segment, including:

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

A comprehensive overview of the Uruguayan economy and demographics

A comparison of the Uruguayan insurance industry with its regional counterparts

Detailed analysis of natural 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 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 non-life insurance segment, and market forecasts to 2019.

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

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 dominated Uruguay's insurance industry. In 2014, it accounted for 46.8% of the industry's gross written premium.

Motor insurance was the largest category in the segment in terms of gross written premium during the review period.

A rise in FDI inflows in Uruguay supplemented its economic growth during the review period.

According to the Asociacin del Comercio Automotor del Uruguay (ACAU), sales of new automobiles declined in all three quarters of 2015.

The high cost of cars has resulted in a rise in motor insurance premiums. As a result, the motor gross written premium recorded a review-period CAGR of 15.9%.

The non-life segment is concentrated, with the five leading non-life insurers accounting for 99.4% of the segment's gross written premium in 2014.

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 Hazards

7.1 Floods

7.2 Droughts

7.3 Storms

7.4 Exposure

8 Competitive Landscape

8.1 Overview

8.2 Leading Companies in the Uruguayan Non-Life Insurance Segment

8.2.1 Banco de Seguros del Estado - company overview

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

8.2.3 Porto Seguro - Seguros del Uruguay SA - company overview

8.2.4 Mapfre La Uruguaya SA - company overview

8.2.5 Sancor Seguros SA - company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulations

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 Motor third-party liability (MTPL) insurance

9.4.2 Worker's compensation insurance

9.4.3 Aviation liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Superintendence of Insurance and Reinsurance

9.5.3 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 Types 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 margins

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 taxation

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

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 (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 Non-Life Insurance Penetration - Regional Comparison (%), 2014

Figure 8: Uruguayan Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2014

Figure 9: Uruguayan Non-Life Insurance - Gross Written Premium (UYU Billion), 2010-2019

Figure 10: Uruguayan Non-Life Insurance - Penetration (%), 2010-2019

Figure 11: Uruguayan Non-Life Insurance - Premium per Capita (UYU), 2010-2019

Figure 12: Uruguayan Non-Life Insurance - Paid Claims (UYU Billion), 2010-2019

Figure 13: Uruguayan Non-Life Insurance - Profitability Ratio (%), 2010-2019

Figure 14: Uruguayan Non-Life Insurance - Total Assets (UYU Billion), 2010-2019

Figure 15: Uruguayan Non-Life Insurance - Investment Portfolio (UYU Million), 2010-2019

Figure 16: Uruguayan Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019

Figure 17: Uruguayan Non-Life Insurance - Gross Written Premium by Category (UYU Million), 2010-2019

Figure 18: Uruguayan Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019

Figure 19: Uruguayan FDI Inflow by Sector (%), 2013

Figure 20: Uruguayan Property Insurance - Gross Written Premium by Sub-Category (UYU Million), 2010-2019

Figure 21: Uruguayan Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 22: Uruguayan Property Insurance - Paid Claims (UYU Million), 2010-2019

Figure 23: Uruguayan Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (UYU Billion and %), 2010-2019

Figure 24: Uruguayan Motor Insurance - Gross Written Premium (UYU Billion), 2010-2019

Figure 25: Uruguayan Motor Insurance - Paid Claims (UYU Billion), 2010-2019

Figure 26: Uruguayan Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (UYU Billion and %), 2010-2019

Figure 27: Uruguayan Liability Insurance - Gross Written Premium (UYU Million), 2010-2019

Figure 28: Uruguayan Liability Insurance - Paid Claims (UYU Million), 2010-2019

Figure 29: Uruguayan Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (UYU Million and %), 2010-2019

Figure 30: Uruguayan Marine, Aviation and Transit Insurance - Gross Written Premium (UYU Million), 2010-2019

Figure 31: Uruguayan Marine, Aviation and Transit Insurance - Paid Claims (UYU Million), 2010-2019

Figure 32: Uruguayan Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (UYU Million and %), 2010-2019

Figure 33: Uruguay - Frequency of Natural Disasters by Type (Percentage of Total), 1990-2014

Figure 34: Uruguay - Mortality Rates by Type of Natural Disasters (Percentage of Total), 1990-2014

Figure 35: Uruguay - Economic Issues by Type of Natural Disasters (Percentage of Total), 1990-2014

Figure 36: Shares of Key Insurers in the Uruguayan Non-Life Insurance Segment (%), 2014

Figure 37: Uruguay - Insurance Supervision and Control at Various Levels

Figure 38: 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, 2014

Table 3: Uruguayan Government Credit Ratings

Table 4: Uruguayan Non-Life Insurance - Gross Written Premium (UYU Billion and US$ Million), 2010-2014

Table 5: Uruguayan Non-Life Insurance - Penetration (%), 2010-2014

Table 6: Uruguayan Non-Life Insurance - Gross Written Premium (UYU Billion and US$ Million), 2014-2019

Table 7: Uruguayan Non-Life Insurance - Penetration (%), 2014-2019

Table 8: Uruguayan Non-Life Insurance - Premium per Capita (UYU and US$), 2010-2014

Table 9: Uruguayan Non-Life Insurance - Premium per Capita (UYU and US$), 2014-2019

Table 10: Uruguayan Non-Life Insurance - Paid Claims (UYU Billion and US$ Million), 2010-2014

Table 11: Uruguayan Non-Life Insurance - Paid Claims (UYU Billion and US$ Million), 2014-2019

Table 12: Uruguayan Non-Life Insurance - Profitability Ratio (%), 2010-2014

Table 13: Uruguayan Non-Life Insurance - Profitability Ratio (%), 2014-2019

Table 14: Uruguayan Non-Life Insurance - Total Assets (UYU Billion and US$ Billion), 2010-2014

Table 15: Uruguayan Non-Life Insurance - Total Assets (UYU Billion and US$ Billion), 2014-2019

Table 16: Uruguayan Non-Life Insurance - Investment Portfolio (UYU Million), 2010-2014

Table 17: Uruguayan Non-Life Insurance - Investment Portfolio (UYU Million), 2014-2019

Table 18: Uruguayan Non-Life Insurance - Gross Written Premium by Category (UYU Million), 2010-2014

Table 19: Uruguayan Non-Life Insurance - Gross Written Premium by Category (UYU Million), 2014-2019

Table 20: Uruguayan Property Insurance - Gross Written Premium by Sub-Category (UYU Million), 2010-2014

Table 21: Uruguayan Property Insurance - Gross Written Premium by Sub-Category (UYU Million), 2014-2019

Table 22: Uruguayan Property Insurance - Paid Claims (UYU Million and US$ Million), 2010-2014

Table 23: Uruguayan Property Insurance - Paid Claims (UYU Million and US$ Million), 2014-2019

Table 24: Uruguayan Property Insurance - Loss Ratio (%), 2010-2014

Table 25: Uruguayan Property Insurance - Loss Ratio (%), 2014-2019

Table 26: Uruguayan Motor Insurance - Gross Written Premium (UYU Billion), 2010-2014

Table 27: Uruguayan Motor Insurance - Gross Written Premium (UYU Billion), 2014-2019

Table 28: Uruguayan Motor Insurance - Paid Claims (UYU Billion and US$ Million), 2010-2014

Table 29: Uruguayan Motor Insurance - Paid Claims (UYU Billion and US$ Million), 2014-2019

Table 30: Uruguayan Motor Insurance - Loss Ratio (%), 2010-2014

Table 31: Uruguayan Motor Insurance - Loss Ratio (%), 2014-2019

Table 32: Uruguayan Liability Insurance - Gross Written Premium (UYU Million), 2010-2014

Table 33: Uruguayan Liability Insurance - Gross Written Premium (UYU Million), 2014-2019

Table 34: Uruguayan Liability Insurance - Paid Claims (UYU Million and US$ Million), 2010-2014

Table 35: Uruguayan Liability Insurance - Paid Claims (UYU Million and US$ Million), 2014-2019

Table 36: Uruguayan Liability Insurance - Loss Ratio (%), 2010-2014

Table 37: Uruguayan Liability Insurance - Loss Ratio (%), 2014-2019

Table 38: Uruguayan Transport Network - Global Rankings

Table 39: Uruguayan Marine, Aviation and Transit Insurance - Gross Written Premium (UYU Million), 2010-2014

Table 40: Uruguayan Marine, Aviation and Transit Insurance - Gross Written Premium (UYU Million), 2014-2019

Table 41: Uruguayan Marine, Aviation and Transit Insurance - Paid Claims (UYU Million and US$ Million), 2010-2014

Table 42: Uruguayan Marine, Aviation and Transit Insurance - Paid Claims (UYU Million and US$ Million), 2014-2019

Table 43: Uruguayan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014

Table 44: Uruguayan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019

Table 45: Shares of Key Insurers in the Uruguayan Non-Life Insurance Segment (%), 2014

Table 46: Banco de Seguros del Estado, Key Facts

Table 47: Banco de Seguros del Estado, Key Financials (UYU Million), 2010-2014

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: Porto Seguro - Seguros del Uruguay SA, Key Facts

Table 51: Porto Seguro - Seguros del Uruguay SA, Key Financials (UYU Million), 2010-2014

Table 52: Mapfre La Uruguaya SA, Key Facts

Table 53: Mapfre La Uruguayan SA, Key Financials (UYU Million), 2010-2014

Table 54: Sancor Seguros SA, Key Facts

Table 55: Sancor Seguros SA, Key Financials (UYU Million), 2010-2014

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 Taxes for the Financial Year 2015

Table 63: Uruguayan Insurance Industry - Policies and Premium, 2010-2014

Table 64: Uruguayan Insurance Industry - Policies and Premium, 2014-2019

Table 65: Uruguayan Non-Life Insurance - Policies and Premium, 2010-2014

Table 66: Uruguayan Non-Life Insurance - Policies and Premium, 2014-2019

Table 67: Uruguayan Non-Life Insurance - Property Insurance Policies and Premium, 2010-2014

Table 68: Uruguayan Non-Life Insurance - Property Insurance Policies and Premium, 2014-2019

Table 69: Uruguayan Non-Life Insurance - Motor Insurance Policies and Premium, 2010-2014

Table 70: Uruguayan Non-Life Insurance - Motor Insurance Policies and Premium, 2014-2019

Table 71: Uruguayan Non-Life Insurance - Liability Insurance Policies and Premium, 2010-2014

Table 72: Uruguayan Non-Life Insurance - Liability Insurance Policies and Premium, 2014-2019

Table 73: Uruguayan Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014

Table 74: Uruguayan Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019

Table 75: Uruguayan Non-Life Insurance - Gross Written Premium by Sub-Category (UYU Million), 2010-2014

Table 76: Uruguayan Non-Life Insurance - Gross Written Premium by Sub-Category (UYU Million), 2014-2019

Table 77: Uruguayan Non-Life Insurance - Direct Written Premium by Sub-Category (UYU Million), 2010-2014

Table 78: Uruguayan Non-Life Insurance - Direct Written Premium by Sub-Category (UYU Million), 2014-2019

Table 79: Uruguayan Non-Life Insurance - Penetration by Sub-Category (%), 2010-2014

Table 80: Uruguayan Non-Life Insurance - Penetration by Sub-Category (%), 2014-2019

Table 81: 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 La Uruguaya SA

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

Direct Marketing

Agencies

E-commerce

Bancassurance

Brokers

Leading companies

Legislation

Compulsory insurance

Supervision and control

Non-admitted insurance

Types of insurance organization


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