Boston, MA -- (ReleaseWire) -- 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.
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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.
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