Mexico's Insurance Market sees 15.9% YoY growth - 2024.Q2 Rankings

The Mexican insurance market demonstrated significant growth by mid-2024, with direct written premiums (excluding pensions and surety) reaching 448.6 billion pesos, up from 386.9 billion pesos in June 2023. This represents a nominal year-on-year increase of 15.9%. This expansion is evident across several insurance lines, particularly in the life and motor segments, which continue to drive the market’s performance.

The largest insurers in the country by market share remain dominant, with Grupo Nacional Provincial leading with 12.6% of direct written premiums as of June 2024. Metlife México follows with 9.7%, and BBVA Seguros ranks third with 9.5%. Other key players include AXA Seguros, holding a 7.1% share, and Quálitas, which commands 6.8% of the market. The landscape of market share reveals intense competition among top insurers, with Citibanamex Seguros experiencing the highest year-on-year growth in market share at 2.82%. This growth was followed by Quálitas with 0.95%, HSBC Seguros with 0.60%, and BBVA Seguros and Seguros Banorte, both gaining just over 0.5%.

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In terms of overall performance across insurance lines, the motor insurance segment stands out, with premiums totaling 93.1 billion pesos, representing an impressive 28.5% annual increase. Life insurance remains the largest individual segment, with 193.1 billion pesos in premiums, marking a solid 22.3% growth from the previous year. Health insurance also demonstrated resilience, with premiums reaching 77.6 billion pesos, reflecting a 12.1% year-on-year increase.

However, not all segments experienced positive growth. Agricultural insurance contracted by 6.7%, and aviation and marine insurance suffered the sharpest decline, plummeting 24.6%. Other areas such as credit insurance and fire insurance also witnessed declines of 6.9% and 4.1%, respectively. In contrast, catastrophe-related segments, including earthquake and volcanic eruption insurance, grew 16.2%, and hurricane and other hydrometeorological risks saw a 10.7% increase.??

Despite challenges in certain niche markets, the Mexican insurance sector overall displayed robust growth in the first half of 2024, driven by strong performances in core sectors such as life, motor, and health. This upward trend reflects both the resilience of the market and the growing demand for insurance solutions in an evolving economic environment.