Opportunities for foreign companies despite domination of BSE

Uruguay’s stable and growing economy is allowing consumers to look at savings instruments again following the crisis years at the beginning of the decade. People are starting to put their trust once again in local financial institutions. Although no great changes are expected in the near future, some significant developments are about to happen: one major foreign insurer is to introduce a new universal life savings policy in dollars and it has also concluded a deal with a major credit card company in Uruguay according to which it will market low cost risk covers to its customers

In June 2008, there were 16 insurance companies operating in Uruguay of which seven were non-life only, six were composites (including the state-owned Banco de Seguros del Estado (BSE) and one co-operative) and three life-only offices.