Overview

A high-income country with a large middle class, Uruguay has been a world leader in developing economic policies for climate change adaptation. But the risks it faces are significant. Drought, flooding, rising temperatures and heatwaves are worsening due to the impacts of climate change, putting pressure on key economic sectors such as agriculture and tourism. Insurance and risk finance can form key parts of Uruguay’s strategy to protect ecosystems and economic activity.

UNDP’s Insurance and Risk Finance Facility is working with the government to increase financial resilience in Uruguay, helping to identify ways to support the development of innovative insurance and risk finance solutions.

Main Natural Hazards

Drought, Flood

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1 Source:
https://drmkc.jrc.ec.europa.eu/inform-index/INFORM-Risk/Country-Risk-Profile
Insurance penetration

2.7% (2022)

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1 Source:
https://www.economiayseguromapfre.com/numero-12/el-mercado-asegurador-latinoamericano-en-2022/
Number of insurance providers

17 insurance companies

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1 Source:
https://www.bcu.gub.uy/Servicios-Financieros-SSF/Paginas/empresas_Seguros.aspx
% Workforce engaged in agriculture

8% (2022)

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1 Source:
https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS
Multidimensional poverty

6.35% (2019)

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1 Source:
https://www.researchgate.net/publication/346487747_Measuring_Multidimensional_Poverty_in_Uruguay_A_practical_application_of_CONEVAL_and_Alkire_and_Foster_methodologies_using_household_survey_data
% of population covered by inclusive insurance products

9%

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1 Source:

The Microinsurance Network, Landscape of Microinsurance 2023, Based on target population estimate for Uganda of 27,676,946 people

https://microinsurancenetwork.org/resources/the-landscape-of-microinsurance-2023
Biodiversity ranking

#89 out of 239 countries and territories (2023)

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1 Source:
https://worldrainforests.com/03highest_biodiversity.htm