Non-life insurances - Mexico | Statista Market Forecast

The Non-life insurance market in Mexico is projected to reach a market size (gross written premium) of US$11.73bn in 2024.
The average spending per capita in the Non-life insurance market is expected to amount to US$90.65 in 2024.
Furthermore, the gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 3.56%, resulting in a market volume of US$13.97bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
The non-life insurance market in Mexico is experiencing a surge in demand due to increasing awareness of the importance of insurance coverage among the population.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Mexico continues to show promising growth and development.

Customer preferences: Customers in Mexico are increasingly leaning towards comprehensive non-life insurance policies that offer a wide range of coverage options. They prioritize policies that provide protection for their assets, such as vehicles and properties, against various risks. Additionally, there is a growing demand for innovative insurance products that cater to specific needs, such as cybersecurity and natural disaster coverage.

Trends in the market: One of the notable trends in the non-life insurance market in Mexico is the increasing adoption of digital channels for purchasing insurance policies. Insurers are leveraging technology to streamline the buying process and enhance customer experience. Moreover, there is a trend towards customization, where insurers are offering tailored solutions to meet the unique requirements of different customer segments. This personalization approach is gaining traction among policyholders.

Local special circumstances: Mexico's non-life insurance market is influenced by the country's regulatory environment and demographic factors. The regulatory landscape plays a significant role in shaping the market dynamics, with stringent rules governing insurance operations and consumer protection. Additionally, the country's diverse population and geographic characteristics contribute to the demand for specialized insurance products, such as earthquake and flood insurance.

Underlying macroeconomic factors: The growth of the non-life insurance market in Mexico is also influenced by macroeconomic factors, such as GDP growth, inflation rates, and interest rates. A stable economic environment with steady GDP growth positively impacts the market as individuals and businesses have higher purchasing power and are more inclined to invest in insurance products. Moreover, low inflation rates and favorable interest rates create a conducive environment for insurers to offer competitive pricing and attract customers.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.