Between 2013 and 2023, the value added of the insurance, reinsurance, and pension funding sector in Mexico exhibited significant growth, starting at 56.37 billion Mexican Pesos in 2013 and reaching 124.94 billion Mexican Pesos in 2023. Notably, the sector saw its most substantial growth from 2015 to 2018, driven by annual increases as high as 22.45%. However, the growth rate slowed considerably after 2018, with the year-on-year variation decreasing to 4.02% in 2023.
Looking forward, the forecasted data for 2024 to 2028 suggests moderate growth, with the sector expected to reach 147.67 billion Mexican Pesos by 2028. The forecasted 5-year compound annual growth rate (CAGR) is anticipated to be 2.63%.
Future trends to monitor include the impact of digital transformation in the insurance and pension sectors, potential regulatory changes, and shifts in consumer behavior towards more diversified and personalized insurance products.
