The Insurance Industry in Uruguay, Key Trends and Opportunities to 2017

The Insurance Industry in Uruguay, Key Trends and Opportunities to 2017

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Unlike most Latin American countries, Uruguay was able to avoid recession during 2008-2009, with GDP rising by 2.9% in 2009. The gross written premium of the insurance industry registered a CAGR of 18.9% to value UYU21.6 billion (US$1.1 billion) in 2012. The penetration rate of the industry also rose, from 1.7% in 2008 to 2.2% in 2012. The industry is very competitive, and since its liberalization in 1993 the number of private insurance companies has increased; there were 16 insurers operating in the insurance industry in 2012. Nonetheless, state-owned insurer Banco de Seguros del Estado (BSE) continued to lead the industry with a 69.3% share of gross written premium in 2012.

Key Highlights
  • The non-life segment accounted for 70.3% of the industry's gross written premium in 2012. Motor insurance accounted for 42% of the segment's gross written premium in 2012, followed by general liability insurance with 38.5%
  • The life segment registered the fastest CAGR of 26.7% during the review period, as a result of an increase in demand for pension products which recorded a CAGR of 37% with a gross written premium of UYU2.8 billion (US$0.13 billion) in 2012
  • There were 16 insurers operating in the insurance industry in 2012. Nonetheless, state-owned insurer Banco de Seguros del Estado (BSE) continued to lead the industry with a 69.3% share of gross written premium in 2012
  • Unlike most Latin American countries, Uruguay was able to avoid recession during 2008-2009, with GDP rising by 2.9% in 2009
  • Stable economic growth, expanding tourism and rising disposable income will act as major drivers over the forecast period (2012-2017)
Scope

This report provides a comprehensive analysis of the insurance industry in Uruguay:
  • It provides historical values for the Uruguayan insurance industry for the report's 2008-2012 review period and expected figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Uruguayan insurance industry, along with forecasts until 2017.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Uruguay, and outlines the key regulations affecting them.
Reasons to Purchase
  • Make strategic business decisions using in-depth historic and forecast industry data related to the Uruguayan insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities within the Uruguayan insurance industry.
  • Assess the competitive dynamics in the Uruguayan insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the Uruguayan insurance industry and its impact on companies and the industry's future.


Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Bulgarian Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2008-2017
3.2 Key Industry Trends and Drivers
3.2.1 Business drivers
3.2.2 Consumer drivers
3.3 Recent Market Developments
4 Life Insurance Outlook
4.1 Life Insurance Growth Prospects by Category
4.1.1 Individual life insurance
4.1.2 Individual General Annuity
4.1.3 Individual pension
4.1.4 Individual endowment
4.1.5 Individual Marriage and birth insurance
4.1.6 Individual unit-linked insurance
4.1.7 Individual Term life Insurance
4.1.8 Individual supplementary
4.1.9 Individual others
4.1.10 Group life insurance
4.1.11 Group superannuation
4.1.12 Group unit-linked insurance
4.2 Life Insurance Growth Prospects by Product Type
4.2.1 Individual single-premium policies
4.2.2 Individual non-single-premium policies
4.2.3 Group single-premium policies
4.2.4 Group non-single-premium policies
5 Analysis by Distribution Channel
5.1 Direct marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other channels
6 Regulatory Policies
7 Porter's Five Forces Analysis - Bulgarian Life Insurance
7.1 Bargaining Power of Supplier: medium
7.2 Bargaining Power of Buyer: low
7.3 Barriers to Entry: low to medium
7.4 Intensity of Rivalry: high
7.5 Threat of Substitutes: low
8 Reinsurance Growth Dynamics and Challenges
8.1 Reinsurance Segment Size, 2008-2017
8.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Bulgarian Life Insurance Segment
9.3 Comparison of top five insurers
9.3.1 Gross Written Premium
9.3.2 Outwards reinsurance expense
9.3.3 Net earned premiums
9.3.4 Gross Claims
9.3.5 Paid Claims
9.3.6 Pre tax profit/loss
9.3.7 Total Assets
9.3.8 Total investment income
9.3.9 Underwriting profit/loss
9.3.10 Net loss ratio
9.3.11 Combined ratio
9.4 Company 1 - Company Overview
9.4.1 Company 1 - Key Facts
9.4.2 Company 1 - Key Financials
9.5 Company 2 - Company Overview
9.5.1 Company 2 - Key Facts
9.5.2 Company 2 - Key Financials
9.6 Company 3 - Company Overview
9.6.1 Company 3 - Key Facts
9.6.1 Company 3 - Key Financials
9.7 Company 4 - Company Overview
9.7.1 Company 4 - Key Facts
9.7.2 Company 4 - Key Financials
9.8 Company 5 - Company Overview
9.8.1 Company 5 - Key Facts
9.8.2 Company 5 - Key Financials
10 Business Environment and Country Risk
10.1 Business Confidence
10.1.1 Business confidence index
10.1.2 Market capitalization trend - Bulgarian stock exchange (ISE), Bulgarian
10.1.3 FDI inflow by industry
10.1.4 Deployment of credit
10.2 Economic Performance
10.2.1 GDP at constant prices (US dollars)
10.2.2 GDP per capita at constant prices (US dollars)
10.2.3 GDP at current prices (US dollars)
10.2.4 GDP per capita at current prices (US dollars)
10.2.5 GDP split by key sectors
10.2.6 Agriculture net output at current prices (BGN)
10.2.7 Agriculture net output at current prices (US dollars)
10.2.8 Agriculture net output at current prices as a percentage of GDP
10.2.9 Manufacturing net output at current prices (BGN)
10.2.10 Manufacturing net output at current prices (US dollars)
10.2.11 Manufacturing net output at current prices as a percentage of GDP
10.2.12 Mining, manufacturing and utilities net output at current prices (Bulgarian lira)


Companies Mentioned:

Banco de Seguros del Estado
Uruguay RSA
Porto Seguro
Mapfre Uruguay SA
Metlife Seguros de Vida
Sancor Seguros Uruguay SA
AIG Uruguay
Compania Cooperativa de Seguros Surco
HDI Seguros SA