Mexico General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Mexico General Insurance Market Report Overview

The gross written premium of the Mexico general insurance market was MXN402 billion ($19.9 billion) in 2022. The market is expected to achieve a CAGR of more than 7% during 2023-2027. The Mexico general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Mexican general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.

Mexico General Insurance Market Outlook, 2022-2027 (MXN Billion)

Mexico General Insurance Market Outlook, 2022-2027 (MXN Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Mexico’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) MXN402 billion ($19.9 billion)
CAGR (2023-2027) >7%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·       Property

·       Motor

·       Liability

·       Financial Lines

·       MAT

·       General Insurance PA&H

·       Miscellaneous

Key Distribution Channels ·       Agencies

·       Direct Marketing

·       Bancassurance

·       E-commerce

Leading Companies ·       Grupo Nacional Provincial

·       AXA Seguros

·       Qualitas Compania De Seguros

·       MetLife Mexico

·       Chubb de Mexico

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Mexico General Insurance Market Trends

Inflation, parametric insurance, telematics, and electric vehicles are some of the market trends impacting the Mexican GI sector.

To control inflation, the Bank of Mexico raised interest rates in March 2023. During 2022, the prices of residential properties increased since 2021 due to an increase in costs of raw materials and labor costs. The high-interest rates have led to high mortgage rates, decreasing potential buyers’ purchasing power. This has slowed the sale of properties and consequently reduced the growth of property premiums in 2022. The trend in slow growth of premiums is expected to continue in 2023.

Mexico General Insurance Market Segmentation by Line of Business

The key lines of business in the Mexico general insurance market are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. General insurance PA&H had the highest market share in the Mexican general insurance market in 2022. Motor insurance recorded the second-highest market share in 2022. This is a slight increase from the market share in 2021 and can be attributed to an increase in vehicle sales in 2022.

Mexico General Insurance Market Analysis by Lines of Business, 2022 (%)

Mexico General Insurance Market Analysis by Lines of Business, 2022 (%)

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Mexico General Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Mexican general insurance market are agencies, direct marketing, bancassurance, e-commerce, and other distribution channels. Agencies led the distribution channels in 2022 followed by direct marketing. Agencies are expected to remain the leading distribution channel in 2027 as well.

Mexico General Insurance Market Analysis by Distribution Channels, 2022 (%)

Mexico General Insurance Market Analysis by Distribution Channels, 2022 (%)

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Mexico General Insurance Market - Competitive Landscape

Some of the leading insurers in Mexico are Grupo Nacional Provincial, AXA Seguros, Qualitas Compania De Seguros, MetLife Mexico, and Chubb de Mexico, among others. Grupo Nacional was the leading general insurer in 2022 in terms of GWP, followed by AXA Seguros and Qualitas Compania de Seguros. As Mexico permits foreign direct investments, foreign companies can operate in Mexico through the establishment of a branch or wholly or partially owned subsidiary.

Mexico General Insurance Market Analysis by Companies, 2022 (%)

Mexico General Insurance Market Analysis by Companies, 2022 (%)

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Segments Covered in the Report

Mexico General Insurance Market Lines of Business Outlook (Value, MXN Billion, 2018-2027)

  • Property
  • Motor
  • Liability
  • Financial Lines
  • MAT
  • General Insurance PA&H
  • Miscellaneous

Mexico General Insurance Distribution Channel Outlook (Value, MXN Billion, 2018-2027)

  • Agencies
  • Direct Marketing
  • Bancassurance
  • E-commerce

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in Mexico.
  • Historical values for the Mexican general insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top general insurance companies in Mexico and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Mexico’s general insurance segment.
  • A comprehensive overview of Mexico’s economy, government initiatives, and investment opportunities.
  • Mexico’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Mexico’s general insurance industry’s market structure gives details of lines of business.
  • Mexico’s general reinsurance business market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by Mexico’s general insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to the Mexican general insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Mexican general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Grupo Nacional Provincial
AXA Seguros
Qualitas Compania de Seguros
Mapfre Mexico
Chubb de Mexico
MetLife Mexico
Seguros Inbursa
Seguros Atlas

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance Framework

Key Market Trends

Trends and KPIs

Key Trends by Line of Business

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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