According to the 2022.Q4 ranking the insurance companies in Mexico collectively generated MX$ 626.1 billion in premiums, an increase of 6.1% compared to the previous year. This growth is due to several factors, including an increase in demand for insurance products, a growing middle class, inflation and a stable regulatory environment.
Among the 70+ insurance companies in Mexico, GNP, METLIFE, BBVA, AXA, and QUALITAS are the top five companies, respectively. However, there were also significant changes in the rankings, with several companies moving up or down the list.
Comparing the insurer market share data from 2021 to 2022, GNP maintained its position as the top insurance company in Mexico with an increased market share of 14.2% in 2022, compared to 13.4% in 2021. METLIFE also saw an increase in market share from 10.6% in 2021 to 11.2% in 2022 and BBVA SEGUROS moved up to a market share of 8.7% in 2022, compared to 7.9% in 2021.