Background on Key Figures and Relevance
The Mexican insurance industry has pledged its commitment to the objectives of Plan México, a federal government initiative aimed at long-term development. This support was highlighted during the inauguration of the 34th Mexican Insurers Convention, organized by the Mexican Association of Insurance Institutions (AMIS).
Pedro Pacheco, president of AMIS, emphasized in his opening speech that the insurance sector shares the vision of Plan México for nationwide development. He assured that the federal government can count on the insurance sector to achieve their mutual objectives within its scope.
Héctor Santana Suárez, head of the Securities, Pensions and Security Social Unit at Mexico’s Ministry of Finance and Public Credit (SHCP), outlined two primary ways the insurance industry will support Plan México.
Insurance Industry’s Support Mechanisms
- Investments: The insurance sector will invest to secure its reserves and meet obligations. These investments position the insurers as the third-largest institutional investor in Mexico, with over 2.1 trillion pesos invested mainly in government debt bonds.
- Accompaniment in Infrastructure Construction: The insurance industry will support the construction process of infrastructure projects. This includes providing fianzas (a form of insurance) and safeguarding against potential damage to the infrastructure itself.
Santana Suárez acknowledged progress in recent years regarding insurance access for the Mexican population, but stressed that “the gap remains too large.”
Key Questions and Answers
- What is Plan México? Plan México is a federal government initiative focused on long-term development objectives.
- Who are the key figures mentioned? Pedro Pacheco, president of AMIS, and Héctor Santana Suárez, head of the Securities, Pensions and Security Social Unit at SHCP.
- How will the insurance industry support Plan México? The insurance sector will invest in securing reserves and meeting obligations, as well as accompany infrastructure construction processes by providing fianzas and safeguarding against potential damage.
- What challenges remain in insurance access for the Mexican population? Despite progress, there is still a significant gap in insurance access for the Mexican population.
