DUBLIN–(BUSINESS WIRE)–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 primary annual decline for the reason that 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 within 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 comparatively smaller, ranked 63rd on this planet, with premiums of USD 868.19 million. Growth has been regular but at a varied rate. The penetration of insurance in Uruguay reached 2.9 % of Gross Domestic Product in 2020, reflecting a rise of 1.1% since 2005.
Demand for unemployment insurance has slowly reduced. In May 2021, the variety of unemployment insurance beneficiaries stood at 80,361, including partial insurance, in comparison with 185,769 in May 2020.
The federal government expanded flexibility in unemployment insurance to safeguard employee-employer relationships in sectors affected by the slowdown of their activities, allowing firms to put employees on part-time schedules and use the unemployment insurance fund to be certain 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 roughly 9% of GDP, with the general public sector representing 71% of those expenditures.
In April 2021, the variety of medical health insurance beneficiaries stood at 106,276, in comparison with 51,730 in April 2020. On March 23, 2021, all staff who make use of the National Health Insurance as a result of having maintained contact with an individual with COVID-19 will receive coverage through the quarantine period indicated by a health provider. On June 28, 2021, the federal government announced that pregnant women are eligible to profit from medical health insurance coverage for up to a few months.
Increasing Focus Towards Digitalization of Insurance Supply Chains
Firms have focused totally on customer-facing applications. But some insurers are starting to comprehend that digital means rather more than cool and convenient apps for consumers; it’s a force that may touch and reshape the very core of their business. Yet firms will get the total good thing about digital technology only after they embrace its potential along the whole insurance value chain, including underwriting and claims management.
Advanced analytics (AA), online sales technologies, machine learning, the Web of Things (IoT), distributed ledger technology, virtual reality (VR), Infrastructure and productivity, and others are a number of the modern technologies that help insurance firms to attain digitalization.
Key Topics Covered:
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 Evaluation
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
5.1.2 Non-Life Insurance
5.2 By Channel of Distribution
5.2.4 Other distribution channels
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Banco de Seguros del Estado
- SBI Seguros
- Surco Seguros
- Porto Seguros
- Sancor Seguros
- Berkley Uruguay Seguros
- Surety Insures SA
- FAR Insurance company SA
- State Insurance Bank
- CUTCSA Seguros SA
- HDI Seguros SA*
For more details about this report visit https://www.researchandmarkets.com/r/4b24gs