Market Size and Growth
Mexico's insurance market reached USD 30.772 billion in Life and non-Life premiums, excluding pensions, as of June 2026, compared with USD 27.281 billion in June 2025, representing a 12.8% nominal year-on-year increase. In Mexican pesos, premiums amounted to MXN 535.437 billion, up from MXN 512.069 billion in June 2025, equivalent to a 4.6% nominal year-on-year increase.
Competitive Landscape
The Mexican insurance industry comprised 69 insurers competing in the market as of June 2026. Despite the number of participants, the market maintained a significant concentration among its largest players, with the Top 3 insurers accounting for a combined 31.1% market share.
Leading Insurers
G.N.P. SEGUROS ranked first with an 11.8% market share, followed by BBVA MEXICO with 10.4% and METLIFE MÉXICO with 8.9%. The remaining companies in the Top 10 were QUÁLITAS, BANORTE SEGUROS, AXA SEGUROS, BANAMEX SEGUROS, MAPFRE MÉXICO, MONTERREY NEW YORK LIFE and INBURSA SEGUROS.
Market Structure
The combination of 69 competing insurers and a 31.1% share held by the three largest companies reflects a market with both broad participation and a defined leading group. The presence of major insurance companies, bank-affiliated insurers and specialized players among the country's largest participants highlights the diversity of business models shaping competition in Mexico's insurance sector.
Source: LATIN AMERICA INSURANCE MONITOR. INDUSTRY STATISTICS, COMPETITIVE LANDSCAPE AND FORECAST REPORT