on February 21, 2014 by admin in Insurance Industry, Comments (0)

Research and Markets: The Insurance Industry in Uruguay, Key Trends and …

DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/hfq4ct/the_insurance) has announced the addition of the "The Insurance Industry in Uruguay, Key Trends and Opportunities to 2017" report to their offering.

Unlike most Latin American countries, Uruguay was able to avoid recession during 2008- 2009, with GDP rising by 2.9% in 2009. The gross written premium of the insurance industry registered a CAGR of 18.9% to value UYU21.6 billion (US$1.1 billion) in 2012. The penetration rate of the industry also rose, from 1.7% in 2008 to 2.2% in 2012.

The industry is very competitive, and since its liberalization in 1993 the number of private insurance companies has increased; there were 16 insurers operating in the insurance industry in 2012. Nonetheless, state-owned insurer Banco de Seguros del Estado (BSE) continued to lead the industry with a 69.3% share of gross written premium in 2012.

Key Highlights

- The non-life segment accounted for 70.3% of the industry's gross written premium in 2012. Motor insurance accounted for 42% of the segment's gross written premium in 2012, followed by general liability insurance with 38.5%

- The life segment registered the fastest CAGR of 26.7% during the review period, as a result of an increase in demand for pension products which recorded a CAGR of 37% with a gross written premium of UYU2.8 billion (US$0.13 billion) in 2012

- There were 16 insurers operating in the insurance industry in 2012. Nonetheless, state-owned insurer Banco de Seguros del Estado (BSE) continued to lead the industry with a 69.3% share of gross written premium in 2012

- Unlike most Latin American countries, Uruguay was able to avoid recession during 2008- 2009, with GDP rising by 2.9% in 2009

- Stable economic growth, expanding tourism and rising disposable income will act as major drivers over the forecast period (2012-2017)

Key Topics Covered:

Executive Summary

Introduction

Bulgarian Insurance Industry Attractiveness

Life Insurance Outlook

Analysis by Distribution Channel

Regulatory Policies

Porter's Five Forces Analysis - Bulgarian Life Insurance

Reinsurance Growth Dynamics and Challenges

Competitive Landscape and Strategic Insights

Business Environment and Country Risk

Appendix

List of Tables

Companies Mentioned

- AIG Uruguay

- Banco de Seguros del Estado

- CompaƱia Cooperativa de Seguros Surco

- HDI Seguros SA

- Mapfre Uruguay SA

- Metlife Seguros de Vida

- Porto Seguro

- Sancor Seguros Uruguay SA

- Uruguay RSA

For more information visit http://www.researchandmarkets.com/research/hfq4ct/the_insurance

About Research and Markets

Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Article source: http://www.businesswire.com/news/home/20140221005318/en/Research-Markets-Insurance-Industry-Uruguay-Key-Trends

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