Insurance direct written premiums in Mexico
As of September 2023, the total insurance direct written premiums in Mexico reached 556.9 billion pesos, showcasing a remarkable 15.8% annual nominal growth.
Examining the market share distribution, Grupo Nacional Provincial emerges as the leader with a 13.2% share of direct written premiums. Metlife México follows closely with 10.5%, while BBVA Seguros México, AXA Seguros and Quálitas round out the top five insurers.
Delving deeper into the nuances of market dynamics, Citibanamex Seguros stands out with an impressive 1.76% year-on-year market share growth. Quálitas, Zurich Santander Seguros México, Seguros Banorte and Mapfre México also demonstrate substantial market share growth, reflecting the industry's adaptability to changing preferences and emerging opportunities.
Breaking down the direct written premiums by segment, the motor insurance sector takes the lead with 24.5% annual growth. Health insurance and life insurance follow closely, registering growth rates of 13.4% and 15.2%, respectively. Fire insurance business and other categories also contribute significantly, showcasing a diversified market that caters to a broad spectrum of insurance needs.