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Insurance Market in Mexico - 2023.03 Rankings


Direct written premiums in Mexico
Highest year-on-year market share growth ranking
 
Direct written premiums in Mexico Highest year-on-year market share growth ranking
   
The insurance market in Mexico showed a strong performance in the first quarter of 2023.  The total direct written premiums (life and non-life, pensions excluded) reached 208.8 billion pesos, a 14% increase compared to the same period of 2022.

The top five insurers by direct written premiums market share were Grupo Nacional Provincial (12.8%), Metlife México (12.5%), BBVA Seguros México (8.5%), AXA Seguros (7.4%) and Seguros Banorte (5.6%). These five companies accounted for 47% of the total market.

The highest year-on-year market share growth insurers ranking was led by Agroasemex which increased its share from 1% to 3.6%, a 2.56% growth. This was followed by Citibanamex Seguros which grew from 2.9% to 3.9%, a 0.95% growth. Grupo Nacional Provincial, Quálitas and AIG Seguros México also showed significant market share growth rates of 0.78%, 0.63% and 0.60%, respectively.

The business line performance overview revealed that the most dynamic segments were Hurricane and Other Hydrometeorological Risks, which increased by 60%, Agricultural Insurance, which increased by 36%, and Miscellaneous Insurance, which increased by 33%. These segments benefited from the higher demand for protection against natural disasters and other contingencies.

The segments that also showed positive growth rates were Automobile Insurance (24%), Civil Liability and Professional Risks Insurance (23%), Medical Expenses Insurance (18%), Fire Insurance (12%) and Life Insurance (7%). These segments reflected the recovery of the economic activity and the consumer confidence after the pandemic.

Net Income increased 1.5 billion pesos compared to 2022. This increase originated from the rise in policy placement and the containment of claims rate. Financial products grew 62% due to stabilization of interest rates at high levels reversing the account effect for losses from valuation of financial assets. Finally, the acquisition costs grew 5.2%, mainly due to the increase in 4.3% in commissions to agents.