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Insurance Market in Mexico - 2023.12 Rankings

In December 2023, Grupo Nacional Provincial maintained its stronghold as the leading insurer in Mexico, capturing 13.4% of the market share in direct written premiums. Following closely behind was Metlife México, securing 10.6% of the market share. BBVA Seguros México held a significant position with 8.8%, while AXA Seguros and Quálitas also commanded notable shares at 7.3% and 6.75%, respectively.
Notable shifts in market share were observed in the highest year-on-year growth rankings. Citibanamex Seguros demonstrated remarkable growth with a 1.81 points increase in market share annually. Zurich Santander Seguros México and Zurich Aseguradora Mexicana also displayed commendable growth rates, each gaining 0.64 and 0.62 in market share annually. Quálitas Compañía de Seguros while already holding a significant market share, continued to expand, indicating sustained momentum in its growth strategy. Seguros Banorte rounded off the top five with a 0.44% annual increase in market share.

Examining the performance overview of the insurance market in December 2023 compared to the previous year reveals robust growth across various business lines. Total direct written premiums surged to 745.163 million pesos, marking a notable 19% increase. Motor insurance experienced the most substantial growth, with premiums rising by 27.2%, reflecting factors such as increased vehicle ownership and a growing emphasis on automotive protection. Health insurance and life insurance also saw significant upticks, recording nominal growth rates of 14.3% and 19.5%, respectively, indicating heightened awareness and demand for health and financial security products among Mexican consumers. Additionally, fire insurance and other categories showed strong growth, underlining the resilience and adaptability of the insurance market amidst evolving economic conditions.