Uruguay Life & Non-Life Insurance Market – Growth, Trends, COVID-19 Impact and Forecast (2023 - 2028)

The Uruguay Life & Non-Life Insurance Market is segmented by Insurance Type (Life Insurance (Individual and Group), Non-Life Insurance (Motor, Home, Health, and Other Non-Life Insurances)), and by Distribution Channel (Direct, Agency, Banks, Online, and Other Distribution Channels). The report offers market size and forecasts for Uruguay Life & Non-Life Insurance Market in value (USD billion) for all the above segments.

Uruguay Life & Non-life Insurance Market Size

Uruguay Life & Non-Life Insurance Market Summary
Study Period: 2019-2028
CAGR: 11 %

Major Players

Uruguay Life & Non-Life Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Uruguay Life & Non-life Insurance Market Analysis

The Uruguay life & non-life insurance market is estimated at approximately USD 1.7 billion in the current year and is poised to grow at a CAGR of 11% during the forecast period. The total number of insurance companies in Uruguay in 2021 was 155, while on the same date, a year earlier, it was 208.

Uruguay's GDP contracted by 6.1%, the first annual decline since the 2002 crisis (-7.7%), with unfavorable growth rates in nearly all sectors of activity. Despite the country's social protection system and pandemic-response management efforts, the national poverty rate grew from 8.8% in 2019 to 11.6% in 2020. Despite a greater frequency of COVID-19 in the country, the economy rebounded by 4.4% in 2021, owing to an early and efficient vaccination effort.

Uruguay's non-life insurance industry is relatively smaller, ranked 63rd in the world, with premiums of USD 868.19 million in 2020. Growth has been steady but at a varied rate. The penetration of insurance in Uruguay reached 2.9% of the GDP in 2020, reflecting an increase of 1.1% since 2005.

The demand for unemployment insurance has slowly reduced, In May 2021, the number of unemployment insurance beneficiaries stood at 80,361, including partial insurance, compared to 185,769 in May 2020. The government expanded flexibility in unemployment insurance to safeguard employee-employer relationships in sectors affected by the slowdown of their activities, allowing firms to place employees on part-time schedules and use the unemployment insurance fund to ensure that employees received wages as close as possible to their regular wages.

Insurance companies are regulated on a variety of matters by Law No. 16,426, dated October 14, 1993, Decree 354/94, dated August 17, 1994, and several circulars issued by the Superintendencia de Servicios Financieros of Banco Central.

Uruguay Life & Non-life Insurance Industry Segmentation

Life insurance provides a lump sum amount of the sum assured at the time of maturity or in case of the policyholder's death. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. The Uruguay life and non-life insurance market is segmented by insurance type (life insurance (individual and group), non-life insurance (motor, home, health, and other non-life insurances)), and by distribution channel (direct, agency, banks, online, and other distribution channels). The report offers market size and forecasts for Uruguay's Life & Non-Life Insurance Market in value (USD billion) for all the above segments.

By Insurance type
Life Insurance
Non-Life Insurance
Other Non-Life Insurance
By Channel of Distribution
Other distribution channels

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Uruguay Life & Non-life Insurance Market Trends

This section covers the major market trends shaping the Uruguay Life & Non-life Insurance Market according to our research experts:

Rising Demand for Health Insurance in Uruguay

The increasing cost of quality healthcare combined with greater need and demand for health with increasing incomes, higher life expectancy, and an epidemiological transition towards non-communicable diseases have made health coverage imperative. Uruguay’s expenditure on healthcare is approximately 9% of GDP, with the public sector representing 71% of these expenditures.

In April 2021, the number of health insurance beneficiaries stood at 106,276, compared to 51,730 in April 2020. On March 23, 2021, all workers who used the National Health Insurance due to having maintained contact with a person with COVID-19 received coverage through the quarantine period as indicated by a health provider. On June 28, 2021, the government announced that pregnant women could benefit from health insurance coverage for up to three months.

Uruguay Life & Non-life Insurance Market

Increasing Focus Towards Digitalization of Insurance Supply Chains

Companies have focused primarily on customer-facing applications. But some insurers are beginning to realize that digital means much more than cool and convenient apps for consumers; it is a force that will touch and reshape the very core of their business. Yet firms will benefit from digital technology only when they embrace its potential along the entire insurance value chain, including underwriting and claims management.

Advanced analytics (AA), online sales technologies, machine learning, the Internet of Things (IoT), distributed ledger technology, virtual reality (VR), infrastructure and productivity, and others are some modern technologies that help insurance companies achieve digitalization.

Uruguay life & Non-life Insurance Market

Uruguay Life & Non-life Insurance Industry Overview

The report covers prominent players operating in the Uruguay life and non-life insurance market. A few major players currently dominate the market in terms of market share. However, with technological advancement and product innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players, including Banco de Seguros del Estado (BSE), SBI Seguros, Porto Seguros, and Surco Seguros, etc.

Uruguay Life & Non-life Insurance Market Leaders

  1. Banco de Seguros del Estado

  2. SBI Seguros

  3. Surco Seguros

  4. Porto Seguros

  5. Mapfre

*Disclaimer: Major Players sorted in no particular order

Uruguay Life & non-life market.png

Uruguay Life & Non-life Insurance Market News

  • On March 08, 2022, Banco de Seguros del Estado in Río Branco Agency, located at Virrey Arredondo 930, Río Branco, Department of Cerro Largo, was inaugurated. The allocation of this Agency was given within the framework of a call for expressions of interest made by the BSE in July 2020.
  • On November 09, 2022, SBI Seguros expanded its portfolio of products for commercial risks, allowing customers to contract bail insurance with them.

Uruguay Life & Non-life Insurance Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitutes

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Insights on Technological Advancements Shaping The Market

    6. 4.6 Insights on the Government Regulations and Industry Policies

    7. 4.7 Impact of COVID-19 on the Market


    1. 5.1 By Insurance type

      1. 5.1.1 Life Insurance

        1. Individual

        2. Group

      2. 5.1.2 Non-Life Insurance

        1. Home

        2. Motor

        3. Health

        4. Other Non-Life Insurance

    2. 5.2 By Channel of Distribution

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Online

      5. 5.2.5 Other distribution channels


    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Banco de Seguros del Estado

      2. 6.2.2 SBI Seguros

      3. 6.2.3 Surco Seguros

      4. 6.2.4 Porto Seguros

      5. 6.2.5 Mapfre

      6. 6.2.6 Sancor Seguros

      7. 6.2.7 Berkley Uruguay Seguros

      8. 6.2.8 Surety Insures SA

      9. 6.2.9 FAR Insurance company SA

      10. 6.2.10 State Insurance Bank

      11. 6.2.11 CUTCSA Seguros SA

      12. 6.2.12 HDI Seguros SA*

    3. *List Not Exhaustive


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Uruguay Life & Non-life Insurance Market Research FAQs

The Uruguay Life & Non-Life Insurance Market is studied from 2019 - 2028.

The Uruguay Life & Non-Life Insurance Market is growing at a CAGR of 11% over the next 5 years.

Banco de Seguros del Estado, SBI Seguros, Surco Seguros, Porto Seguros, Mapfre are the major companies operating in Uruguay Life & Non-Life Insurance Market.

Uruguay Life & Non-Life Insurance Industry Report

Statistics for the 2023 Uruguay Life & Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Uruguay Life & Non-Life Insurance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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