Health and Dental Plans Market
As of 2022, the health and dental insurance plans (without medical insurance) market in Mexico is still dominated by the same top players as the previous year. According to data on market share, Plan Seguro maintained its position as the leading insurer with a 44% share of the market, up from 41% in 2021. Meanwhile, General de Salud saw a strong increase in its market share from 8.1% to 15.8%, while BBVA Seguros Salud Mexico experienced a decline from 18.7% to 14.6%.
In terms of direct written premiums, the industry experienced growth between 2021 and 2022. The total direct written premiums for 2022 amounted to 6,666.47 million Mexican pesos, compared to 6,323.07 million Mexican pesos the previous year. It is expected that the health and dental insurance market will continue to experience growth in the coming years. It remains to be seen whether the top players in the market will maintain their positions.
Dental & Health Plans Market in Mexico - Direct written premiums in MX$ YoY%
Health Insurance Market (GMM)
The medical insurance market in Mexico is expected to see a significant increase in direct written premiums from 2022 to 2025. According to the Health Market Research report data, the individual medical insurance segment is forecasted to reach 88.500 million Mexican Pesos, while the group medical insurance segment is expected to reach 81.000 million Mexican Pesos. The total direct written premiums for medical insurance are predicted to increase from 119.000 million Mexican Pesos in 2022 to 170.000 million Mexican Pesos in 2025.
In terms of market share, Grupo Nacional Provincial remains the leading medical insurer in Mexico in December 2022 with 26.9% market share, followed by AXA Seguros with 19% market share, and Metlife México with 18%. While the market share for each of these insurers has only seen a slight change from 2021, the increasing demand for medical insurance may lead to more competition in the market in the future. Insurers may need to develop new products or services to differentiate themselves and appeal to customers in this growing market.
Health Insurance Market in Mexico (GMM Group and Individual) - Direct written premiums in MX$, millions
