2014-04-18 12:39:01 - Non-Life Insurance in Mexico, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The Mexican non-life insurance segment rose at a CAGR of 9.2% during the review period. This was partly due to the robust insurance regulatory environment, expansion of the bancassurance channel and healthy property insurance growth. Growth in the segment was further supported by the government´s initiative to purchase US$410 million worth of insurance policies to provide coverage to its citizen´s houses and infrastructure during times of natural disaster.
The Mexican government is one of the main buyers of insurance products in the country. Growth was further strengthened by the introduction of compulsory third-party motor insurance in two Mexican states, Baja California Norte and Jalisco, in January 2012. This move is likely to encourage other states in the country to make motor
insurance compulsory too. If enacted nationwide, the motor category, and the non-life segment, will record strong growth as motor insurance represents a significant portion of the segment´s total premiums.
Mexico is one of the few countries in the world where motor insurance is not mandatory. The Mexican government is one of the key buyers of insurance products in the country.
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