Key Insights
As of September 2024, the combined market for health and dental insurance plans in Mexico recorded a total revenue of 10.46 billion pesos, while the major medical expenses insurance segment reached 111.60 billion pesos. The total revenue for the health and medical insurance market amounted to 122.05 billion pesos. The nominal year-on-year growth rate for health and dental plans was 71.8%, whereas major medical expenses insurance showed a growth rate of 10.6%. The overall market for health and medical insurance increased by 14.0% compared to the previous year.
In the health and dental insurance sector, BUPA Mexico held the largest market share, accounting for 34.1% of direct premiums issued. PLAN SEGURO followed with a 22.4% share, while BBVA Seguros Salud Mexico recorded a 16.0% share. General de Salud and AXA Salud accounted for 10.5% and 6.0%, respectively, completing the list of the top five competitors in this segment.
The major medical expenses insurance market saw Grupo Nacional Provincial, S.A.B. as the leading competitor, holding 28.3% of the market share. MetLife México, S.A. de C.V. followed closely with 20.2%, and AXA Seguros, S.A. de C.V. captured 20.0%. Seguros Monterrey New York Life, S.A. de C.V. and Seguros Atlas, S.A. held 9.9% and 4.6% of the market share, respectively.
Competitors that achieved the highest growth in market share within the major medical expenses insurance segment included MetLife México, S.A. de C.V., which increased its share by 1.04 percentage points. Grupo Nacional Provincial, S.A.B. saw a growth of 0.63 percentage points, and Zurich Aseguradora Mexicana, S.A. de C.V. grew by 0.62 points. Seguros Monterrey New York Life, S.A. de C.V. experienced an increase of 0.56 percentage points, while Cardif México Seguros de Vida, S.A. de C.V. registered a growth of 0.17 percentage points.
The data illustrates distinct trends in growth and market share distribution across both health and dental insurance and major medical expenses insurance segments, highlighting the competitive landscape and the leading players driving the market.
Market Overview
The Mexican health and dental insurance market, as of September 2024, generated a total revenue of 10.46 billion pesos, reflecting a nominal year-on-year growth rate of 71.8%. In comparison, the major medical expenses insurance segment recorded revenues of 111.60 billion pesos, with a growth rate of 10.6%. The combined revenue for health and medical insurance amounted to 122.05 billion pesos, representing an overall growth rate of 14.0%.
Within the health and dental insurance segment, the market leader was BUPA Mexico, with a market share of 34.1%. PLAN SEGURO followed with a 22.4% share, and BBVA Seguros Salud Mexico held a 16.0% share. Other notable competitors included General de Salud, which accounted for 10.5%, and AXA Salud, with 6.0% of the market share.
In the major medical expenses insurance market, Grupo Nacional Provincial, S.A.B. dominated with a 28.3% market share, followed by MetLife México, S.A. de C.V., which captured 20.2%. AXA Seguros, S.A. de C.V. held a similar share of 20.0%. Seguros Monterrey New York Life, S.A. de C.V. and Seguros Atlas, S.A. were also key players, with market shares of 9.9% and 4.6%, respectively.
The competitors showing the most significant growth in market share within the major medical expenses insurance segment included MetLife México, S.A. de C.V., which achieved a 1.04 percentage point increase. Grupo Nacional Provincial, S.A.B. experienced growth of 0.63 points, while Zurich Aseguradora Mexicana, S.A. de C.V. grew by 0.62 points. Seguros Monterrey New York Life, S.A. de C.V. and Cardif México Seguros de Vida, S.A. de C.V. recorded increases of 0.56 and 0.17 percentage points, respectively.
The market structure for health and dental insurance, as well as major medical expenses insurance, demonstrates significant differences in revenue growth rates and market share concentration. The data provided showcases the performance of key players and their impact on the overall dynamics of the insurance industry in Mexico.