Introduction to the Mexican Insurance Sector and its Growth
The Mexican insurance sector is projected to expand by 8.6% in real terms by 2025, according to Norma Alicia Rosas, General Director of the Mexican Association of Insurance Institutions (AMIS).
Key Segment Growth
- Life Insurance: Expected to grow by 13.2% in the current year.
- Accident and Health Insurance: Anticipated growth of 12.2%.
- Auto Insurance: Projected increase of 10.9% in the current year.
Current Insurance Market Status
As of the end of 2024, insurance companies had a total sum assured of 345.6 billion pesos, which is thirteen times the national GDP.
Rosas emphasized that insurers have sufficient capital to cover any potential claims, highlighting their commitment to their policyholders and Mexico.
Claims Paid by Insurers
In 2024, insurers paid out 529 billion pesos to their policyholders, equating to nearly 1.5 billion pesos per day or 60 million pesos per minute.
Since 2015, the amount paid by insurers has increased by 140% in constant prices, largely due to events such as the 2017 earthquakes, the COVID-19 pandemic in 2020, and Hurricane ‘Otis’ in Acapulco, Guerrero, in 2023.
AMIS’s Commitment to Plan México
Pedro Pacheco, President of AMIS, reaffirmed the sector’s commitment to Plan México and assured the federal government that insurance companies are ready to support their objectives.
Pacheco acknowledged that while Mexico’s economy is now ranked 13th globally, the benefits have not reached the entire population.
He stressed that savings and access to credit are crucial for financial inclusion and social mobility, but they are insufficient without the complement of insurance.
Pacheco pointed out that many family and business projects are disrupted when individuals face unexpected events like car accidents, illnesses, theft, or natural disasters without insurance coverage.
He concluded that the progress made in savings, investments, and credit access is lost when such incidents occur, slowing social mobility, particularly impacting small businesses.
