At the close of June 2025, Mexico’s insurance market reached a total volume of USD 27.3 billion in net premiums for life and non-life coverages, excluding pensions. This figure represents a nominal year-on-year increase of 10.1% in U.S. dollars compared with USD 24.8 billion in June 2024, confirming Mexico’s position as one of the largest and most dynamic insurance markets in Latin America.
When expressed in local currency, net premiums amounted to MXN 512.1 billion, up from MXN 453.1 billion in June 2024. The nominal year-on-year variation in pesos reached 13.0%, reflecting both the sector’s internal expansion and moderate currency fluctuations over the period. The continued growth in local-currency terms underscores the industry’s resilience and its ability to sustain positive performance despite macroeconomic and global uncertainties.
Mexico’s insurance market remains one of the most competitive in the region, with 70 companies actively operating as of mid-2025. This figure accounts for approximately 9% of all insurers across Latin America, positioning Mexico as a key hub for both domestic and international insurance groups seeking regional leadership. The diversity of players includes large banking groups, multinational insurers, and specialized local companies competing across life, motor, and health segments.
The competitive landscape continues to be led by a relatively concentrated group of major players. G.N.P. Seguros maintained its position as market leader with a 12.4% share of total premiums, followed by BBVA Seguros with 9.7% and MetLife México with 9.0%. AXA Seguros and Banorte each held close to 6.8% and 6.7%, respectively, while Quálitas matched Banorte with another 6.7% of total market share, consolidating its dominance in the auto insurance segment. Banamex Seguros captured 5.2%, MAPFRE México 4.5%, Monterrey New York Life 4.4%, and Seguros Inbursa 3.5%.
Altogether, the ten largest insurers accounted for 68.8% of total premiums written in the country, reflecting a moderately high level of market concentration. Despite this, competitive dynamics remain active, as second-tier companies and new entrants leverage technology, bancassurance alliances, and niche specialization to gain scale and profitability.
Overall, by mid-2025, the Mexican insurance industry demonstrates sustained nominal growth, a balanced mix of domestic and foreign players, and a solid market structure supported by institutional strength and consumer confidence. These conditions continue to position Mexico as a strategic and growing market within the Latin American insurance landscape.
