Ken Research has announced its distribution on, “Reinsurance in Uruguay, Key Trends and Opportunities to 2020” which provides a detailed scrutiny of the market trends, drivers and challenges in the Uruguayan reinsurance segment.
The report presents an in-depth market analysis, information and insights into the Uruguayan reinsurance segment and a complete outline of the Uruguayan economy and demographics. It includes values for the key performance indicators such as written premium, reinsurance ceded and reinsurance accepted during the review period and forecast period.
Rules and regulations for the reinsurance segment are regulated by the superintendencia de serguros y reaseguros (SSR, superintendence of insurance and reinsurance) under the guidance of central bank of Uruguay (BCU).
The non-life insurers are expected to cede more premiums, so as to mitigate the losses from natural disasters, which will generate business for reinsurers.
In 2015, as a part of strategic expansion in Latin America the reinsurance brokers Cooper Gay Swett &Crawford launched COOPER GAY URUGUAY in Montevideo.
Uruguayan insurance companies are free to reinsure their risks with local or foreign reinsurance companies. Uruguay doesn’t have any reinsurance company and the companies which are covering the risk in Uruguay are of a foreign origin.
On February 2010, all the foreign reinsurance firms who wish to cover local risks do not have to file or register with any govt. agency. Foreign company attribute toward international risk ratings which should be equal or greater than two or more inconsistent ratings and the lowest rating will be considered.
The ratings must have been issued by one of the following international risk rating agencies:
Standard & Poor’s International Ratings LLC;
Fitch Ratings;
Moody’s Investor Services; or
A.M. Best.
Therefore by year 2020, the reinsurance market in Uruguay is expected to be well developed and be making huge profits thereby planning for further expansion based on rising dependence on reinsurers. And due to rise on dependence on reinsurers Uruguay in future may have a reinsurer company of its own origin.
Key Topics Covered in the Report:
Uruguay non life insurance industry
Uruguay general insurance industry
Insurance industry in Uruguay
Uruguay non life insurance market analysis
Uruguay non life insurance sector future outlook
Uruguay non life insurance competitive landscape
Uruguay reinsurance market research
Reinsurance industry Uruguay
Uruguay reinsurance industry future outlook
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Ankur Gupta, Head Marketing & Communications
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