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  4. > Mexico Insurance Report Q3 2016

Mexico Insurance Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 62 pages

BMI View:

From an investment standpoint, Mexico's insurance sector is one of the most attractive of the major insurance markets we monitor. The country boasts a young and growing population of about 120mn people, and with insurance penetration and density currently at a lower level in most other large economies there is significant room for further growth. Added to this, the Mexican insurance industry is well regulated and receptive for foreign providers, including many leading multinationals. A strong economic backdrop, coupled with rising household incomes and disposable wealth, suggests that insurers will be able to grow their customer bases through a combination of improved distribution channels and education on the benefits of insurance products. Widespread poverty will remain a long-term restriction on growth, though
companies are increasingly developing products such as microinsurance to target low-income groups.


Key Updates And Forecasts
- In April 2016, a report by Scotiabank Seguros estimated that only 28% of vehicles in Mexico were insured, despite the existence of compulsory third party liability insurance for vehicle owners in the country. The report highlighted the potential for growth in the wider insurance market, but also the tendency of Mexicans to avoid paying for insurance coverage.
- We expect the life insurance market to continue expanding at a steady pace through the 2016-2020 forecast period in local currency terms. Life premiums are forecast to grow by 6.4% year-on-year (y-o-y)
in 2016 to MXN168bn, though, due to currency market movements, they will contract by 4.6% in US dollar terms to USD9.5bn. Over 2017-2020 we forecast premiums to continue growing at 6% to 7% a
year to reach MXN214.5bn (USD14.3bn).

Table Of Contents

Mexico Insurance Report Q3 2016
BMI Industry View ... 5
Table: Headline Insurance Forecasts (Mexico 2013-2020) . 5
SWOT 7
Industry Forecast 9
Life Premiums Forecast .. 9
Table: Life Premiums (Mexico 2013-2020) . 13
Table: Life Insurance Claims (Mexico 2008-2015) 13
Non-Life Premiums Forecast . 14
Table: Non-Life Premiums (Mexico 2013-2020) . 17
Table: Non-Life Insurance Claims (Mexico 2009-2015) . 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Mexico 2013-2020) 29
Industry Risk/Reward Index . 31
Latin America Insurance Risk/Reward Index . 31
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q316 32
Market Overview ... 33
Life Market Overview ... 33
The Product Offering .. 33
The Competitive Landscape . 33
Table: Company Performance: Life Insurance Market (USDmn) 2008-2014 . 36
Table: Company Performance: Life Insurance Market (%) 2008-2014 37
Non-Life Market Overview 38
The Product Offering .. 38
The Competitive Landscape . 39
Table: Company Performance: Non-Life Insurance Market (USDmn) 2008-2014 40
Table: Company Performance: Non-Life Insurance Market (%) 2008-2014 42
Company Profile 43
AXA Seguros SA de CV . 43
Banorte Seguros .. 46
GNP .. 49
Monterrey New York Life .. 52
Quálitas Compañía de Seguros SAB de CV ... 54
Methodology .. 56
Industry Forecast Methodology 56
Risk/Reward Index Methodology ... 59
Table: Indicators 61
Table: Weighting of Indicators . 62

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