Waiting for a new regulator

There is a clear need for more comprehensive, up to date legislation in the Uruguayan insurance market. No major changes are expected, however, until a decision is taken regarding the establishment of a new financial services superintendency. But on the positive side, the non-life market share of the state insurer, Banco de Seguros del Estado (BSE), has fallen from 77.0% in 1998 to 65.6% in 2007. This indicates the extent to which the private companies, most of which are foreign owned, have made steady progress in increasing their market share since they first entered the market when it was reformed in 1994

In June 2008, there were 16 joint stock insurance companies operating in Uruguay of which seven were non-life, six composites (including the state-owned, Banco de Seguros del Estado (BSE) and three life only offices. There are also 10 mutuals registered with the central bank. It is understood that Berkley International received authorisation in May 2008 from the Superintendency of Insurance to set up a company in Uruguay. At least one other company is said to have applied for authorisation to set up an operation in the country.