New Financial Services research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 06/10/2014 -- The latest results of the leading insurance companies in Mexico, both in the non-life and in the life segment, confirm that the main trends are positive. Secular trends mean that volumes are growing in most lines and sub-sectors. Premiums are also being boosted by product innovation on the part of the leading players themselves. In general, pricing is disciplined: a number of the majors emphasised how they have reduced claims and expense ratios through 2013. The positive trends should continue through the forecast period. .
Both the non-life and the life segments are seen by leading multi-national insurance companies 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.
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- Leading life insurers typically reported growth in premiums of around 10% in 2013.
- Life insurance and pensions appear to be rising in importance as conduits for organised savings.
- Qualitas continues to consolidate its leading position in the motor vehicle insurance sub-sector.
- In both major segments, particular companies have highlighted benefits from specific initiatives such as the buying-out of minority shareholders and the introduction of innovative new products.
- Many of the leading insurers commented on improvements of claims and cost ratios.
- Property & Casualty claims in 2013 were boosted by Hurricanes Ingrid and Manuel.
Key BMI Forecasts
- In 2014, total gross premiums should increase by 9.5% to US$27.1bn.
- Life premiums should rise by 6.2% to US$11.6bn.
- Non-Life premiums should grow by 12.0% to US$15.6bn.
- Within this sub-total, motor vehicle insurance premiums are likely to increase by 10.0% to US$5.8bn.
- Property insurance premiums should grow by 5.2% to US$1.0bn.
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