As of September 2025, the Mexican insurance market continues to stand out as one of the largest and most relevant in Latin America, combining solid premium growth with a competitive structure dominated by a limited group of leading insurers. Life and non-life insurance, excluding pensions, reached total premiums of USD 40,064 million, compared with USD 34,176 million in September 2024. This represents a strong nominal year-on-year increase of 17.2%, confirming Mexico’s role as a key growth engine for the regional insurance industry.
Measured in local currency, total premiums amounted to MXN 736,376 million as of September 2025, up from MXN 659,588 million one year earlier. The nominal interannual growth rate in pesos was 11.6%, reflecting both real expansion in insurance activity and the effect of macroeconomic and pricing dynamics on premium volumes.
The Mexican insurance market is characterized by a broad competitive base, with 68 insurers operating in the country. This figure represents 8.6% of the total number of insurers across Latin America, underlining Mexico’s relevance not only in terms of market size but also as a hub for regional insurance activity and competition.
Despite this relatively large number of participants, market concentration remains high. The top ten insurers jointly account for 68.9% of total market share. GNP Seguros leads the market with a 12.9% share, followed by BBVA México with 9.8% and MetLife México with 9.0%. Quálitas México and AXA Seguros México hold market shares of 6.9% and 6.8%, respectively, while Banorte reaches 6.1%. Banamex Seguros accounts for 5.3%, Monterrey New York Life for 4.5%, Mapfre México for 4.2%, and Inbursa for 3.3%. This structure highlights a competitive environment where scale and diversification remain critical advantages.
From a technical and financial perspective, sector performance as of September 2025 shows a mixed but overall resilient picture. By line of business, Life insurance registered a decrease of 1.5%, while Property and Casualty excluding Autos fell by 11.8%. These declines were offset by growth in other segments, notably Accident and Health with an increase of 9.1%, Autos with 1.6%, Pensions with a strong 11.9% recovery, and Surety bonds, which rose by 5.1%. Together, these movements allowed the sector to maintain a balanced overall performance.
Profitability indicators improved during the period. Net income for the insurance and surety sector increased by MXN 3.2 billion compared with the third quarter of 2024, representing a 5.1% rise in sector-wide profits. This improvement was driven primarily by a sharp 97% increase in technical profit, supported by a 9.9% growth in earned retained premiums and a deceleration in the net cost of claims across the sector.
Although financial income and participation in permanent investments contracted, this negative effect was offset by a 7.3% increase in pre-tax profit, which ultimately strengthened the final result for the year. Total profits in the insurance segment reached MXN 65.3 billion, marking a 5.1% increase year on year. A key driver behind this performance was the extraordinary 167.8% surge in profits within the Medical Expenses segment.
In Property and Casualty insurance, total premiums increased by 9.1%, largely supported by a 6.8% rise in Auto insurance. Non-Auto Property and Casualty lines grew by 12%, driven by expansion across all branches, with particularly strong increases in Marine and Transport insurance at 29.5%, Fire insurance at 14.6%, and Catastrophic Risks at 6.5%.
Accident and Health insurance expanded its premium placement by 7.9%. Within this segment, Medical Expenses insurance grew by 8.7%, reflecting both an increase in the number of insured individuals and higher average premium costs. Pension insurance derived from Social Security laws also showed a notable recovery, with premiums rising by 11.9%.
Life insurance showed a more moderate but positive trend overall. As of the third quarter of 2025, Life premiums increased by 6.3%, contributing 2.5% to total sector growth. Individual Life insurance rose by 8.2%, driven mainly by products with a savings component, while Group Life insurance recorded a modest recovery of 0.5%.
Surety bonds posted a 1% improvement, supported by growth across most lines. The only exception was Fidelity bonds, which declined by 1.6%. The main contribution to the recovery in the third quarter of 2025 came from Administrative bonds, which grew by 1.4% compared with the same period of the previous year.
Overall, the Mexican insurance market as of September 2025 combines robust premium growth, improving profitability and a concentrated competitive structure. The data confirm Mexico’s strategic importance within the Latin American insurance landscape, both in terms of scale and as a benchmark for sector performance and consolidation trends in the region.