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Mexico life insurance market: $10.4 billion industry in 2012
Life Insurance in Mexico, Key Trends and Opportunities to 2017 - a new market research report on 2014-04-18 12:37:03
Life insurance was the largest segment in the Mexican insurance industry in 2012, accounting for 46.0% of the industry´s written premiums. Led by sustained economic growth and favorable demographics, the segment expanded at a review-period CAGR of 10.2%, increasing from MXN92.7 billion (US$8.4 billion) in 2008 to MXN136.6 billion (US$10.4 billion) in 2012. This growth was higher than the average GDP growth of 1.7% during the review period (2008–2012).
Bancassurance was the most popular channel for distributing pension products and other savings-type life insurance products with post-retirement benefits in 2012. Sustainable GDP growth, the growing middle-class population, increased foreign participation and product development will lead to a rise in awareness and demand for life insurance products. There is also a perceived need for innovation in both product design and distribution.
From the diverse range of life insurance products, the pension and endowment categories registered the highest CAGRs of 23.6% and 16.6% respectively during the review period. International players have positioned themselves well in the industry to benefit from the segment´s growth with 58 companies out of 103 having foreign ownership. Mexico is the second-largest insurance industry in Latin America, accounting for 14.5% of the insurance industry total premiums in the region.
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