Uruguay Life & Non-Life Insurance Market Reports 2022: Rising Demand for Health Insurance Driving Growth - ResearchAndMarkets.com

The "Uruguay Life & Non-Life Insurance Market - Growth, Trends, COVID-19 Impact and Forecast (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

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. Growth has been steady but at a varied rate. The penetration of insurance in Uruguay reached 2.9 % of Gross Domestic Product in 2020, reflecting an increase of 1.1% since 2005.

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 receive wages as close as possible to their regular wages.

Key Market Trends

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 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 make use of the National Health Insurance due to having maintained contact with a person with COVID-19 will receive coverage through the quarantine period indicated by a health provider. On June 28, 2021, the government announced that pregnant women are eligible to benefit from health insurance coverage for up to three months.

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 get the full benefit of 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 of the modern technologies that help insurance companies to achieve digitalization.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS AND INSIGHTS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Industry Attractiveness - Porters' Five Forces Analysis

4.5 Government Regulations and Industry Policies

4.6 Impact of COVID-19 on the Market

5 MARKET SEGMENTATION

5.1 By Insurance type

5.1.1 Life Insurance

5.1.1.1 Individual

5.1.1.2 Group

5.1.2 Non-Life Insurance

5.1.2.1 Home

5.1.2.2 Motor

5.1.2.3 Other

5.2 By Channel of Distribution

5.2.1 Direct

5.2.2 Agency

5.2.3 Banks

5.2.4 Other distribution channels

6 COMPETITIVE LANDSCAPE

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

• Banco de Seguros del Estado
• SBI Seguros
• Surco Seguros
• Porto Seguros
• Mapfre
• Sancor Seguros
• Berkley Uruguay Seguros
• Surety Insures SA
• FAR Insurance company SA
• State Insurance Bank
• CUTCSA Seguros SA
• HDI Seguros SA*

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