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Life insurance - Mexico

Mexico
  • The Life insurance market market size in Mexico is projected to reach US$16.11bn in 2024.
  • The average spending per capita in the Life insurance market market is expected to be US$124.50 in 2024.
  • The gross written premium is predicted to have an annual growth rate (CAGR 2024-2029) of 3.11%, resulting in a market volume of US$18.77bn by 2029.
  • In global comparison, the United States is expected to generate the highest gross written premium of US$1.3tn in 2024.
  • Mexico's life insurance market is experiencing a surge in adoption as more people prioritize financial protection and long-term planning.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

In-Scope

  • Death benefit insurance
  • Endowment insurance
  • Disability insurance
  • Dowry insurance
  • Birth insurance
  • Term life insurance
  • Whole life insurance
  • Universal life insurance
  • Burial insurance
  • Other types of life insurance

Out-Of-Scope

  • Health Insurance
  • All non-life insurance types
  • Reinsurance
Life Insurance: market data & analysis - Cover

Market Insights report

Life Insurance: market data & analysis

Study Details

    Gross Written Premium

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Gross Claim Payments

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Loss Ratio

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    Mexico's Life insurance market has been experiencing significant growth and development in recent years.

    Customer preferences:
    Customers in Mexico are increasingly recognizing the importance of financial protection and long-term security, leading to a growing demand for life insurance products. With a rising middle class and increased awareness about the benefits of life insurance, more individuals are opting for policies to secure their family's future.

    Trends in the market:
    One notable trend in the Mexican life insurance market is the shift towards digitalization. Insurers are leveraging technology to reach a wider customer base, streamline processes, and offer more personalized products. Additionally, there is a growing trend towards customizable life insurance policies that cater to specific needs and preferences of customers.

    Local special circumstances:
    In Mexico, cultural factors play a significant role in shaping the life insurance market. Family is highly valued in Mexican society, and this emphasis on familial ties drives individuals to seek financial protection for their loved ones through life insurance. Moreover, the market is characterized by a competitive landscape with both domestic and international insurance companies vying for market share.

    Underlying macroeconomic factors:
    The economic stability and steady growth in Mexico have contributed to the positive trajectory of the life insurance market. As the economy continues to expand, disposable incomes are on the rise, enabling more people to afford life insurance coverage. Additionally, regulatory reforms and government initiatives to promote insurance penetration have further fueled the growth of the market.

    Users

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

    Modeling approach / Market size:

    Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

    Additional Notes:

    The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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    Life Insurance: market data & analysis - BackgroundLife Insurance: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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    Life insurance - statistics & facts

    The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.
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