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Synopsis
Timetric’s 'Life Insurance in Uruguay, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Uruguayan life insurance segment.

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 (2010–2014) and forecast period (2014–2019).

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.

Summary
Timetric’s 'Life Insurance in Uruguay, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Uruguayan life insurance segment, including:

- The Uruguayan life insurance segment’s growth prospects by life insurance category

- Key trends, drivers and challenges for the life insurance segment

- A comprehensive overview of the Uruguayan economy and demographics

- 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

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 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Uruguayan life insurance segment, and market forecasts to 2019.

- 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.

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
- Life insurance was the fastest-growing segment in Uruguay’s insurance industry during the review period at a CAGR of 26.7%.

- The rising middle-income group, growing aging population, and mandatory social security contributions in the country primarily drove the growth.

- Pension was both the leading and fastest-growing life insurance category during the review period. The category accounted for 58.7% of the life total gross written premium in 2014.

- Government amendments to improve pension fund management and expansion of insurers’ distribution networks are projected to increase life insurance penetration in Uruguay.

- The Uruguayan life insurance segment is highly concentrated with the three leading life insurers accounting for 93.8% of the segment’s total gross written premium in 2014.

Table Of Contents

Life Insurance in Uruguay, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Life Insurance
5.5.1 Individual whole life insurance
5.5.2 Individual pension insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Uruguayan Life Insurance Segment
7.2.1 Banco de Seguros del Estado - company overview
7.2.2 MetLife Seguros SA - company overview
7.2.3 Mapfre La Uruguaya SA - company overview
7.2.4 Compañia Cooperativa de Seguros Surco - company overview
7.2.5 Zurich Santander Seguros Uruguay SA - company overview
7.2.6 Sancor Seguros SA - company overview
7.2.7 Porto Seguro - Seguros del Uruguay SA - company overview
7.2.8 Royal and Sun Alliance Seguros (Uruguay) SA - company overview
7.2.9 HDI Seguros SA - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability (MTPL) insurance
8.4.2 Worker's compensation insurance
8.4.3 Aviation liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Superintendence of Insurance and Reinsurance
8.5.3 Asociación Uruguaya de Empresas Aseguradoras
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Uruguayan Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Uruguayan Government Credit Ratings
Table 4: Uruguayan Life Insurance - Gross Written Premium by Category (UYU Billion), 2010-2014
Table 5: Uruguayan Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 6: Uruguayan Life Insurance - Gross Written Premium by Category (UYU Billion), 2014-2019
Table 7: Uruguayan Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 8: Uruguayan Life Insurance - Net Earned Premium (UYU Billion), 2010-2014
Table 9: Uruguayan Life Insurance - Net Earned Premium (UYU Billion), 2014-2019
Table 10: Uruguayan Life Insurance - Paid Claims (UYU Billion), 2010-2014
Table 11: Uruguayan Life Insurance - Paid Claims (UYU Billion), 2014-2019
Table 12: Uruguayan Life Insurance - Incurred Loss (UYU Billion), 2010-2014
Table 13: Uruguayan Life Insurance - Incurred Loss (UYU Billion), 2014-2019
Table 14: Uruguayan Life Insurance - Commissions and Expenses (UYU Billion), 2010-2014
Table 15: Uruguayan Life Insurance - Commissions and Expenses (UYU Billion), 2014-2019
Table 16: Uruguayan Life Insurance - Net Written Premium (% of GWP), 2010-2014
Table 17: Uruguayan Life Insurance - Net Written Premium (% of GWP), 2014-2019
Table 18: Uruguayan Life Insurance - Total Assets (UYU Billion), 2010-2014
Table 19: Uruguayan Life Insurance - Total Assets (UYU Billion), 2014-2019
Table 20: Uruguayan Life Insurance - Net Written Premium (UYU Billion), 2010-2014
Table 21: Uruguayan Life Insurance - Net Written Premium (UYU Billion), 2014-2019
Table 22: Uruguayan Individual Life Insurance - Gross Written Premium by Category (UYU Billion), 2010-2014
Table 23: Uruguayan Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 24: Uruguayan Individual Life Insurance - Gross Written Premium by Category (UYU Billion), 2014-2019
Table 25: Uruguayan Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 26: Uruguayan Individual Life Insurance - Direct Written Premium by Category (UYU Billion), 2010-2014
Table 27: Uruguayan Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 28: Uruguayan Individual Life Insurance - Direct Written Premium by Category (UYU Billion), 2014-2019
Table 29: Uruguayan Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 30: Uruguayan Individual Whole Life Insurance - Direct Written Premium (UYU Billion), 2010-2014
Table 31: Uruguayan Individual Whole Life Insurance - Direct Written Premium (UYU Billion), 2014-2019
Table 32: Uruguayan Individual Pension Insurance - Direct Written Premium (UYU Billion), 2010-2014
Table 33: Uruguayan Individual Pension Insurance - Direct Written Premium (UYU Billion), 2014-2019
Table 34: Uruguayan Life Insurance - Segment Shares (%), 2014
Table 35: Banco de Seguros del Estado, Key Facts
Table 36: Banco de Seguros del Estado, Key Financials (UYU Million), 2010-2014
Table 37: MetLife Seguros SA, Key Facts
Table 38: MetLife Seguros SA, Key Financials (UYU Million), 2010-2014
Table 39: Mapfre La Uruguaya SA, Key Facts
Table 40: Mapfre La Uruguaya SA, Key Financials (UYU Million), 2010-2014
Table 41: Compañia Cooperativa de Seguros Surco, Key Facts
Table 42: Compañia Cooperativa de Seguros Surco, Key Financials (UYU Million), 2010-2014
Table 43: Zurich Santander Seguros Uruguay SA, Key Facts
Table 44: Zurich Santander Seguros Uruguay SA, Key Financials (UYU Million), 2010-2014
Table 45: Sancor Seguros SA, Key Facts
Table 46: Sancor Seguros SA, Key Financials (UYU Million), 2010-2014
Table 47: Porto Seguro - Seguros del Uruguay SA, Key Facts
Table 48: Royal and Sun Alliance Seguros (Uruguay) SA, Key Facts
Table 49: Royal and Sun Alliance Seguros (Uruguay) SA, Key Financials (UYU Million), 2010-2014
Table 50: HDI Seguros SA, Key Facts
Table 51: HDI Seguros SA, Key Financials (UYU Million), 2010-2014
Table 52: Uruguay - Insurance Regulatory Framework Key Features
Table 53: Uruguay - Life Insurance Regulatory Framework
Table 54: Uruguay - Property Insurance Regulatory Framework
Table 55: Uruguay - Motor Insurance Regulatory Framework
Table 56: Uruguay - Liability Insurance Regulatory Framework
Table 57: Uruguay ? Insurance Premium Tax Rates
Table 58: Uruguay - Corporate Taxes for the Financial Year 2015

List of Figures
Figure 1: Uruguayan Real GDP (US$ Billion), 2010-2019
Figure 2: UYU-US$ Exchange Rate, 2010-2019
Figure 3: Uruguayan Consumer Price Inflation, 2010-2019
Figure 4: Uruguayan Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 5: Uruguayan Unemployment Rate, 2010-2019
Figure 6: Uruguayan Population by Age Group, 1990-2025
Figure 7: Uruguayan Life Insurance - Gross Written Premium by Category (UYU Billion), 2010-2019
Figure 8: Uruguayan Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 9: Uruguayan Life Insurance - Gross Written Premium Dynamics by Segment (2010-2019)
Figure 10: Uruguayan Life Insurance - Net Earned Premium (UYU Billion), 2010-2014
Figure 11: Uruguayan Life Insurance - Net Earned Premium (UYU Billion), 2014-2019
Figure 12: Uruguayan Life Insurance - Paid Claims (UYU Billion), 2010-2014
Figure 13: Uruguayan Life Insurance - Paid Claims (UYU Billion), 2014-2019
Figure 14: Uruguayan Life Insurance - Incurred Loss (UYU Billion), 2010-2014
Figure 15: Uruguayan Life Insurance - Incurred Loss (UYU Billion), 2014-2019
Figure 16: Uruguayan Life Insurance - Commissions and Expenses (UYU Billion), 2010-2014
Figure 17: Uruguayan Life Insurance - Commissions and Expenses (UYU Billion), 2014-2019
Figure 18: Uruguayan Life Insurance - Net Written Premium (% of GWP), 2010-2014
Figure 19: Uruguayan Life Insurance - Net Written Premium (% of GWP), 2014-2019
Figure 20: Uruguayan Life Insurance - Total Assets (UYU Billion), 2010-2014
Figure 21: Uruguayan Life Insurance - Total Assets (UYU Billion), 2014-2019
Figure 22: Uruguayan Life Insurance - Net Written Premium (UYU Billion), 2010-2014
Figure 23: Uruguayan Life Insurance - Net Written Premium (UYU Billion), 2014-2019
Figure 24: Uruguayan Life Insurance - Investment Portfolio (UYU Billion), 2010-2014
Figure 25: Uruguayan Life Insurance - Investment Portfolio, 2010 and 2014
Figure 26: Uruguayan Life Insurance - Penetration (%), 2010-2014
Figure 27: Uruguayan Life Insurance - Direct Premium per Capita, 2010-2014
Figure 28: Uruguayan Life Insurance - Total Investments (UYU Billion), 2010-2014
Figure 29: Uruguayan Individual Life Insurance - Gross Written Premium by Category (UYU Billion), 2010-2019
Figure 30: Uruguayan Individual Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 31: Uruguayan Individual Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 32: Uruguayan Individual Life Insurance - Direct Written Premium by Category (UYU Billion), 2010-2019
Figure 33: Uruguayan Individual Life Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 34: Uruguayan Individual Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 35: Uruguayan Individual Whole Life Insurance - Direct Written Premium (UYU Billion), 2010-2014
Figure 36: Uruguayan Individual Whole Life Insurance - Direct Written Premium (UYU Billion), 2014-2019
Figure 37: Uruguayan Individual Pension Insurance - Direct Written Premium (UYU Billion), 2010-2014
Figure 38: Uruguayan Individual Pension Insurance - Direct Written Premium (UYU Billion), 2014-2019
Figure 39: Uruguayan Life Insurance - Segment Shares (%), 2014
Figure 40: Uruguay - Insurance Supervision and Control at Various Levels
Figure 41: Uruguay - Insurance Regulatory Frameworks for Company Registration and Operation

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