Synopsis
Timetric’s 'Life Insurance in Uruguay, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Uruguayan life insurance segment, and a comparison of the Uruguayan insurance industry with its regional counterparts.
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 (2012-2016) and forecast period (2016-2021).
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.
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 2012-2016 review period, and projected figures for the 2016-2021 forecast period.
• It offers a detailed analysis of the key categories in the Uruguayan life insurance segment, and market forecasts to 2021.
• It provides a comparison of the Uruguayan life insurance segment with its regional counterparts
• 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.
Summary
Timetric’s 'Life Insurance in Uruguay, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Uruguayan life insurance segment, including:
• An overview of the Uruguayan life insurance segment
• The Uruguayan life insurance segment’s growth prospects by category
• A comprehensive overview of the Uruguayan economy and demographics
• A comparison of the Uruguayan life insurance segment with its regional counterparts
• 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
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
• Uruguay permits 100% foreign direct investment in its insurance industry.
• In October 2016, the Canadian insurer Fairfax announced plans to take over AIG’s operations in Uruguay, as well as other Latin American countries such as Argentina, Chile, Brazil and Venezuela. The deal’s total value was UYU1.6 billion (US$240.0 million).
• As of 2016, nine insurers were licensed to conduct life insurance business in the country.
Table Of Contents
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 Assets and investments
5 DISTRIBUTION CHANNEL OUTLOOK
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Banco de Seguros del Estado - company overview
6.1.2 Mapfre La Uruguaya SA (Vida) - company overview
6.1.3 MetLife Seguros SA - company overview
6.1.4 Compañia Cooperativa de Seguros Surco - company overview
6.1.5 Zurich Santander Seguros Uruguay SA - company overview
7 GOVERNANCE, RISK AND COMPLIANCE
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Workers’ compensation insurance
7.4.2 Motor third-party liability insurance
7.4.3 Liability for ships with respect to oil pollution
7.4.4 Aviation liability insurance
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Association of Insurance Supervisors Latin America
7.5.3 Superintendence of Insurance and Reinsurance
7.5.4 Asociación Uruguaya de Empresas Aseguradoras
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Type of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margin
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxations
7.8.2 Withholding taxes on premium paid overseas.
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution
8 DATABOOK
8.1 Policies and Premium
8.2 Claims and Expenses
8.3 Assets and Investments
9 DEFINITIONS AND METHODOLOGY
9.1 Definitions
9.2 Methodology
10 ABOUT TIMETRIC
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric’s Services
10.4 Disclaimer
List Of Tables
Table 1: Uruguayan Life Insurance - Key Facts, 2016
Table 2: Uruguayan Life Insurance - Segment Shares of the Top Insurers, 2016
Table 3: Uruguayan Government Credit Ratings
Table 4: Uruguayan Life Insurance - Gross Written Premium (UYU Billion and US$ Million), 2012-2016
Table 5: Uruguayan Life Insurance - Penetration (%), 2012-2016
Table 6: Uruguayan Life Insurance - Gross Written Premium (UYU Billion and US$ Million), 2016-2021
Table 7: Uruguayan Life Insurance - Penetration (%), 2016-2021
Table 8: Uruguayan Life Insurance - Premium per Capita (UYU and US$), 2012-2016
Table 9: Uruguayan Life Insurance - Premium per Capita (UYU and US$), 2016-2021
Table 10: Uruguayan Life Insurance - Paid Claims (UYU Billion and US$ Million), 2012-2016
Table 11: Uruguayan Life Insurance - Paid Claims (UYU Billion and US$ Million), 2016-2021
Table 12: Uruguayan Life Insurance - Total Assets (UYU Billion and US$ Billion), 2012-2016
Table 13: Uruguayan Life Insurance - Total Assets (UYU Billion and US$ Billion), 2016-2021
Table 14: Uruguayan Life Insurance - Total Investment Income (UYU Billion and US$ Million), 2012-2016
Table 15: Uruguayan Life Insurance - Total Investment Income (UYU Billion and US$ Million), 2016-2021
Table 16: Uruguayan Life Insurance - Investment Portfolio (UYU Billion), 2012-2016
Table 17: Uruguayan Life Insurance - Investment Portfolio (UYU Billion), 2016-2021
Table 18: Uruguayan Life Insurance - Segment Shares of the Leading Insurers (%), 2016
Table 19: Banco de Seguros del Estado - Key Facts
Table 20: Banco de Seguros del Estado - Key Financials (UYU Million), 2012-2016
Table 21: Mapfre La Uruguaya SA (Vida) - Key Facts
Table 22: Mapfre La Uruguaya SA (Vida) - Key Financials (UYU Million), 2012-2016
Table 23: MetLife Seguros SA - Key Facts
Table 24: MetLife Seguros SA - Key Financials (UYU Million), 2012-2016
Table 25: Compañia Cooperativa de Seguros Surco - Key Facts
Table 26: Compañia Cooperativa de Seguros Surco - Key Financials (UYU Million), 2012-2016
Table 27: Zurich Santander Seguros Uruguay SA - Key Facts
Table 28: Zurich Santander Seguros Uruguay SA - Key Financials (UYU Million), 2012-2016
Table 29: Uruguay - Insurance Regulatory Framework Key Features
Table 30: Uruguay - Life Insurance Regulatory Framework
Table 31: Uruguay - Property Insurance Regulatory Framework
Table 32: Uruguay - Motor Insurance Regulatory Framework
Table 33: Uruguay - Liability Insurance Regulatory Framework
Table 34: Uruguay - Insurance Premium Tax Rates
Table 35: Uruguay - Corporate Tax Rates for the Financial Year 2016
Table 36: Uruguayan Life Insurance - Policies and Premium, 2012-2016
Table 37: Uruguayan Life Insurance - Policies and Premium, 2016-2021
Table 38: Uruguayan Life Insurance - Claims and Expenses, 2012-2016
Table 39: Uruguayan Life Insurance - Claims and Expenses, 2016-2021
Table 40: Uruguayan Life Insurance - Assets and Investments, 2012-2016
Table 41: Uruguayan Life Insurance - Assets and Investments, 2016-2021
Table 42: Insurance Industry Definitions
List Of Figures
Figure 1: Uruguayan GDP Composition by Sector, 2016
Figure 2: Uruguayan Real GDP (UYU Billion), 2012-2021
Figure 3: Uruguayan Consumer Price Inflation (%), 2012-2021
Figure 4: Uruguayan Exchange Rate (UYU-US$), 2012-2021
Figure 5: Uruguayan Current Account Balance as Percentage of GDP (%), 2012-2021
Figure 6: Uruguayan Unemployment Rate, 2012-2021
Figure 7: Uruguayan Population by Age Group, 1991-2025
Figure 8: Uruguayan Life Insurance Penetration - Regional Comparison (%), 2016
Figure 9: Uruguayan Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2016
Figure 10: Uruguayan Life Insurance - Gross Written Premium (UYU Billion), 2012-2021
Figure 11: Uruguayan Life Insurance - Penetration (%), 2012-2021
Figure 12: Uruguayan Life Insurance - Premium per Capita (UYU), 2012-2021
Figure 13: Uruguayan Life Insurance - Paid Claims (UYU Billion), 2012-2021
Figure 14: Uruguayan Life Insurance - Total Assets (UYU Billion), 2012-2021
Figure 15: Uruguayan Life Insurance - Total Investment Income (UYU Billion), 2012-2021
Figure 16: Uruguayan Life Insurance - Investment Portfolio (UYU Billion), 2012-2021
Figure 17: Uruguayan Life Insurance - Investment Portfolio Dynamics by Category, 2012-2021
Figure 18: Uruguayan Life Insurance - Segment Shares of the Leading Insurers (%), 2016
Figure 19: Uruguay - Insurance Supervision and Control at Various Levels
Figure 20: Uruguay - Insurance Regulatory Frameworks for Company Registration and Operation
