As of March 2025, Mexico’s insurance market posted mixed signals in its quarterly performance. Total net written premiums for life and non-life insurance lines, excluding pensions, reached USD 13.39 billion. This figure represents a 6.0% nominal year-on-year decrease in dollar terms compared to the USD 14.25 billion reported in Q1 2024. However, when measured in local currency, premiums grew significantly, rising from MXN 236.6 billion to MXN 276.4 billion—an increase of 16.8% year-over-year. This divergence reflects the impact of exchange rate movements on the dollar-denominated figures, despite real domestic expansion in premiums.
The Mexican insurance market remains one of the most competitive in Latin America, with 70 insurers currently active in the country. This accounts for 17% of all insurance companies operating in the region, reaffirming Mexico's position as a central player in the Latin American insurance landscape.
The market continues to be relatively concentrated, with the top 10 insurers accounting for 69.1% of total market share. G.N.P. leads the pack with a 12.2% share, followed by MetLife México with 10.5%, and BBVA with 9.1%. Banorte and AXA Seguros complete the top five with 8.1% and 6.6%, respectively. Other major players include Quálitas (6.4%), Banamex Seguros (5.1%), Monterrey New York Life (4.3%), Chubb Seguros México (3.6%), and Inbursa (3.4%).
Beyond size, some companies stood out for their dynamic performance in expanding market share. Agroasemex led all competitors by gaining 2.6 percentage points of share, the most significant improvement among insurers in the past year. Banorte and Patrimonial Vida followed, each gaining 0.4 points. Allianz México added 0.3 points, while HSBC Seguros, Chubb Seguros México, and AIG Seguros each increased by 0.2 points. El Potosí, HDI Seguros, and MAPFRE México each saw a modest rise of 0.1 points. In total, these ten fastest-growing insurers captured an additional 4.6% of market share combined, indicating a moderate but relevant shift in competitive dynamics.
Mexico’s insurance sector in Q1 2025 continues to evolve under the influence of macroeconomic pressures and currency fluctuations. While the decline in USD terms may raise caution among international analysts, the strong growth in local currency reveals a resilient domestic market and a field of insurers actively competing to expand their footprint.
Life, non-Life, Pensions and Surety: Performance Overview
Overall (Pensions and surety included), the sector expanded by 12.3% in the first quarter of 2025. This growth was primarily driven by growth in the Insurance and pensions segment, while the Surety segment experienced a 2.6% decrease.
The non-Life insurance segment showed a strong upward trend, increasing by 17.7%. Within this, Auto insurance saw a 10.4% rise, a direct result of a 7.1% increase in automobile sales. Damage insurance excluding Auto also performed exceptionally well, climbing 27.7%, with notable surges in Catastrophic Risks at 57.1% and Fire at 36.3%. This segment's robust performance contributed significantly to the sector's overall profitability.
In the Life insurance segment, placement grew by 10.5% in Q1 2025, contributing 4.3% to the sector's total growth. Individual Life insurance was a key driver, increasing by 15.5%, largely due to a 15.5% rise in savings-component policies. Group Life insurance also saw an increase of 1.6%.
The Accident and Health insurance segment expanded by 8.1%. This growth was primarily fueled by an 8.3% positive variation in Medical Expenses, attributed to both an increase in insured individuals and higher premium costs. Furthermore, Pension insurance derived from Social Security Laws experienced a recovery of 12.6%.
Despite the overall positive trend, the Surety segment registered a 2.6% decrease, with declines across all its branches. Administrative Sureties were the largest contributor to this fall, presenting a 3.3% reduction.
Financially, the sector's net profit for the period increased by 4.3 billion pesos compared to Q1 2024, representing a substantial 20.8% rise in the sector's profits. This was largely due to a 48.7% increase in profits within the Damage segment. The increase in the Reserve for Current Risks and In-Force Sureties grew by 1.5%, driven by a 20.7% increase in Damage and a 0.2% increase in Life. However, the Net Cost of Claims saw an 8.4% increase, influenced by a 14.4% rise in Life claims, a 3.5% increase in Medical Expenses, and a 3.1% increase in Auto claims. Financial Products experienced a 3.8% decrease, attributed to a reduction in reference rates.