Insurance

Although the pace of expansion has moderated in the past two years, in line with a sluggish economy, Mexico’s insurance industry has been experiencing strong growth. The number of active companies in the sector reached 105 by the end of 2014, up significantly from 70 in 2000. Moreover, total premium income in 2014 reached $24.47bn, or 2.1% of GDP, according to the industry’s main regulatory body, the Insurance and Surety National Commission, while premium income grew by 4.5%, or about 1% in real terms. Meanwhile, the introduction in 2015 of the solvency II capital reserve, governance and transparency standards placed Mexico in the vanguard of insurance industry regulation. With insurance penetration rates still relatively low, the outlook for the sector remains encouraging.