Private players compete with market favourite Banco de Seguros

The state-owned insurer retains 66% of direct premiums in over 10 years since the sector was de-monopolized

In the Uruguayan insurance market, dominated by Banco de Seguros, 14 private companies fight to increase their shares. Motor insurance is the most important business, but 40% of licensed vehicles are uninsured and third party insurance is not compulsory.