Health Insurance in Mexico (Group & Individual GMM) - Performance - Direct written premiums
The health insurance industry in Mexico has experienced a significant growth in market size between 2021 and 2022. The market size in 2022 reached mexican pesos 118.9 billion, representing a substantial increase from the mexican pesos 103.4 billion reported in 2021. This growth can be attributed to several factors, including a rise in healthcare costs, an aging population, and inflation.
Grupo Nacional Provincial (GNP) continues to be the leading player in the Mexican health insurance market, with a direct written premiums market share of 26.9% in 2022, slightly up from 26.7% in 2021. AXA Seguros follows with a 19% market share in 2022, remaining relatively stable compared to the previous year. Metlife Mexico showed the most significant growth in market share, from 16% in 2021 to 18.2% in 2022.
The Mexican health insurance market is highly competitive, with several players fighting for market share. As healthcare costs continue to rise, and the population ages, the demand for health insurance is expected to increase further. Insurers will need to continue to adapt their products and services to meet the evolving needs of their clients while remaining competitive in terms of pricing and coverage. The Mexican health insurance market is likely to see continued growth in the coming years, providing opportunities for both existing and new players in the industry.
According to the Health Market Research report data, the individual medical insurance segment is forecasted to reach 88.500 million Mexican Pesos, while the group medical insurance segment is expected to reach 81.000 million Mexican Pesos. The total direct written premiums for medical insurance are predicted to increase from 119.000 million Mexican Pesos in 2022 to 170.000 million Mexican Pesos in 2025.
Health Insurance Market in Mexico (GMM Group and Individual) - Direct written premiums in MX$, millions