Personal Accident and Health Insurance to Rise in Number In Uruguay: Ken Research
Posted on 07 May 2017 by KenResearch Banking Financial Services and Insurance,
Ken Research has announced latest distribution on, “Personal Accident and Health Insurance in Uruguay , Key Trends and Opportunities to 2020” which providesa detailed outlook by product category for the Uruguay personal accident and health insurance segment, and a comparison of the Uruguay insurance industry with its regional counterparts.
It also includes the details of insurance regulations, and recent changes in the regulatory structure and offers a detailed analysis of the key categories in the Uruguaypersonal accident and health insurance segment, and market forecasts to 2020.
Uruguay is a Spanish speaking country situated in South America which is well affluent and has an advanced social security, education and democratic institutions.The country faced the economic turmoil of 1970 which it is still trying to overcome but still do have large middle class group and low level of poverty. The development of any modern economy is not well defined if its insurance sector is not developed properly.
Rules and regulations for the reinsurance segment are regulated by the superintendencia de serguros y reaseguros (SSR, superintendence of insurance and reinsurance) under the guidance of central bank of Uruguay (BCU).
SancorSeguros provides a comprehensive health insurance plan, which includes medical expenses incurred outside of the country. Uruguay law provides with certain compulsory insurance for some risk bearing activities with some lines of standard international practices. Insurance for the labor accidents and professional illness of employees in both private and public sector has been made compulsory. Collective disability and death insurance and collective annuity of affiliates to the social security pension funds is also compulsory under the insurance law.
The personal accident and health insurance sector is expected to ameliorate at an ever growing CAGR year after year with increased awareness amongst the people and their evolving needs for getting insured against their lives which mean a lot to them. Insurance will soon be treated as a tool to curb losses that one has to suffer otherwise especially in cases of families having a sole earner
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