Mexico's health and dental insurance market witnessed notable dynamics by the end of December 2023, as revealed by the latest data.
In terms of market share growth in dental and health plans, BBVA Seguros Salud Mexico emerged as a frontrunner, experiencing an impressive 8.35% surge. Following behind were Seguros Centauro with a growth of 1.58%, Sofía Salud with 0.74%, Qualitas Salud with 0.56%, and Odontored Seguros Dentales with a growth of 0.40%.
When analyzing the competitors with the largest market share in terms of direct issued premiums, Plan Seguro led the pack with a substantial 35.7% share, followed by BBVA Seguros Salud Mexico with 22.9% and General de Salud with 14.0%.
Shifting focus to the growth in market share for medical expense insurance, dental, and health plans, MetLife Mexico showcased a growth of 0.53%, closely trailed by AXA Seguros with 0.48%. Meanwhile, Mapfre Mexico saw a growth of 0.20%, Zurich Aseguradora Mexicana with 0.11%, and Chubb Seguros Mexico with a 0.06% increase.
Examining the players dominating the medical expense insurance segment, Grupo Nacional Provincial led with a substantial 26.9% market share, followed by AXA Seguros with 19.5%, and MetLife Mexico with 18.7%.
In terms of business evolution, the market saw significant figures. The dental and health plans sector reached 7.5 billion Pesos, reflecting a 13.6% nominal year-on-year variation. On the other hand, medical expense insurance surged to 136 billion Pesos, indicating a notable 14.3% nominal year-on-year variation.
