Boston, MA -- (SBWIRE) -- 02/13/2014 -- In terms of important metrics such as overall penetration (premiums as a percentage of GDP), non-life penetration and life density (premiums per capita), Mexico's insurance sector has long been underdeveloped. This is because the companies within it are, to a significant extent, in competition with majors in the United States. Not coincidentally, MetLife's subsidiary in Mexico is unusual (for that group's businesses outside the United States) in that it is, by quite a margin, the largest player in the life segment. Mexico is also a rare foreign country in which New York Life has a (substantial) subsidiary.
View Full Report Details and Table of Contents
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
Both the non-life and the life segments are seen as opportunities which are too large or too rapidly expanding to ignore. In the swifter growing non-life segment, especially, it is possible to identify long-term trends which should support the growth in premiums. These include: the general expansion in financial services; the growth in consumerism and; initiatives to reduce the numbers of uninsured motor vehicles. Rapid expansion in private health spending through the forecast period should underpin strong growth in health insurance premiums. This is an opportunity for both the non-life and the life companies that are active in Mexico.
Key BMI Forecasts:
- Total gross premiums will rise by 8.6% to US$26.9bn in 2014
- This growth will be driven by the expansion of the non-life segment, where premiums will rise by 11.1% to US$15.4bn.
- In the life segment, premiums will grow by 5.4% to US$11.5bn
- Motor insurance premiums will rise by 9.2% to US$37.3bn
- Health insurance premiums will expand even more rapidly, growing by 16.1% to US$25.1bn.
- Credit/financial guarantee insurance continued to rise rapidly from a low base. In 2014, premiums should expand by 17.6% to US$81.3bn.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Financial Services research reports at Fast Market Research
You may also be interested in these related reports:
- Hungary Insurance Report Q2 2014
- Brazil Insurance Report Q2 2014
- South Africa Insurance Report Q2 2014
- Jordan & Lebanon Insurance Report 2014
- North Africa Insurance Report 2014
- India Insurance Report Q1 2014
- Nigeria Insurance Report 2014
- Singapore Insurance Report Q1 2014
- Qatar Insurance Report 2014
- Caribbean Insurance Report 2014