Mexico Insurance Report Q4 2014 - New Report Available

From: Fast Market Research, Inc.
Published: Mon Aug 25 2014

We view the government drive to invest in infrastructure over the forecast period, combined with new legislation to mandate vehicle insurance on national highways , as positive developments for the insurance sector, particularly the motory and property insurance segments. Although Mexico's insurance market has limited penetration, we believe that p remiums will continue to be boosted by product innovation and economic growth .

With the pace of Mexico's economic growth set to continue, we see the insurance sector benefitting from the opportunities this brings. The general expansion in financial services, increasing consumerism and a growing middle class population, should support the country's long term growth in insurance premiums. Although insurance penetration in Mexico is low, at only 2% of GDP, this is an indicator of the long term potential for this figure to increase.

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The non life segment is expected to see the most growth over the forecast period. Through 2015-2018, gross life premiums will, on average, increase by 8.6% year on year, whilst gross non-life premiums will see an average increase of 11%. The forecasted increase in premiums within the non-life segment can be attributed to the government's drive to increase expenditure on infrastructure projects, which should create opportunities for foreign insurance companies.

Furthermore, the introduction of legislation in 2014 mandating vehicle insurance on federal highways should positively impact demand for auto insurance. Throughout the forecast period, vehicle insurance maintains the highest market share. Mexico's non life segment is seen by multi-national insurance companies as an opportunity too large or too rapidly expanding to ignore. Similarly, we see positive trends within the life segment, although growth is slightly slower. Rapid expansion in private health spending through the forecast period should underpin strong growth in health insurance premiums.

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The Mexico Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Mexico Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Mexican insurance industry.

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