Insurance Market in Uruguay - Q2.2024 Rankings
The Uruguayan insurance market demonstrated significant growth and positive performance as of June 2024. The total market size, as measured by net premiums issued after cancellations, reached 52.873 million pesos, reflecting a 23.3% year-on-year nominal increase from June 2023. This growth was supported by a 13.6% rise in net claims incurred, which amounted to 34.334 million pesos, and a 15.2% increase in net acquisition expenses, totaling 6.865 million pesos. Within these expenses, commissions rose by 13.4%, reaching 5.287 million pesos. Additionally, operating expenses grew by 9.8%, amounting to 7.551 million pesos.
According to the results of the Insurance Market in Uruguay Q2.2024 research report one of the most notable aspects of the period was the significant improvement in the technical result, which turned positive with 1.033 million pesos, a sharp recovery from the -3.766 million pesos recorded in the same period the previous year, representing a total increase of 4.798 million pesos.
In terms of performance by coverage, the non-life insurance segment recorded a volume of premiums of 22.816 million pesos, representing an 8% increase year-on-year. Within this segment, vehicle insurance premiums rose by 14%, accidents insurance by 4%, and robbery insurance by 9%. Conversely, the all-risk operational insurance saw a decline of 6%, and rural insurance experienced a slight decrease of 1%. The surety segment, however, showed a robust growth of 16%. ?? The life insurance segment exhibited even more pronounced growth, with total premiums amounting to 30.057 million pesos, reflecting a 38% year-on-year increase. Within this segment, annuities saw a remarkable 75% growth, making it the leading contributor to the segment’s expansion. Other significant changes included a 16% increase in collective life insurance without RM, a 274% surge in accident insurance, and a 141% rise in health insurance. However, collective pension life insurance experienced a 30% decline.
In the competitive landscape, BSE maintained a dominant market share with 72.4% of net direct premiums, followed by MAPFRE at 6.3%, SURA at 5.1%, PORTO at 4.5%, and Zurich Santander at 3.0%. The remaining 8.8% was distributed among other players. BSE also led the market in market share growth, with an increase of 1.74 percentage points, while HDI, SURA, SURCO, and Bottias-Barbuss also recorded increases. In the life and personal insurance segment, BSE held an overwhelming market share of 85%, followed by Zurich Santander with 4.4%, MAPFRE with 3.3%, MetLife with 2.4%, and PORTO with 2.0%. In the non-life segment, BSE also led with 55.7%, followed by MAPFRE with 10.2%, SURA with 9.9%, PORTO with 7.8%, and Sancor with 4.2%.??
Overall, the Uruguayan insurance market experienced robust growth and significant improvements in key financial metrics during the period ending June 2024, driven by strong performances in both the life and non-life segments and a notable recovery in technical results. ?
Q2.2024 FINANCIAL STATEMENTS AND NET WRITTEN PREMIUMS ANALYSIS
KEY PLAYERS? ?
领英推荐
BSE - Banco de Seguros
MAPFRE URUGUAY??
SURA URUGUAY?
?PORTO SEGURO URUGUAY
ZURICH SANTANDER SEGUROS URUGUAY