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Over the past few years, the General Liability Insurance market in Mexico has shown significant growth and development. Customer preferences in the Mexican General Liability Insurance market have been shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking policies that not only cover bodily injury and property damage but also offer additional benefits such as product liability and legal defense coverage. Trends in the market indicate a growing awareness among businesses in Mexico about the importance of having adequate liability insurance coverage. With an increasing number of companies facing lawsuits and legal challenges, there has been a surge in demand for General Liability Insurance policies to safeguard against unforeseen liabilities. Local special circumstances in Mexico, such as the evolving regulatory environment and the rise of small and medium-sized enterprises, have also played a significant role in shaping the General Liability Insurance market. The government's efforts to enforce stricter regulations and compliance standards have pushed businesses to invest in comprehensive insurance coverage to mitigate potential risks. Underlying macroeconomic factors, including the overall economic stability and growth of the Mexican economy, have provided a favorable environment for the expansion of the General Liability Insurance market. As businesses continue to thrive and expand their operations, the need for robust liability insurance coverage has become paramount to protect against potential financial losses. Overall, the General Liability Insurance market in Mexico is witnessing a period of transformation driven by changing customer preferences, emerging market trends, local special circumstances, and supportive macroeconomic factors.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)