Property Insurance - Mexico | Statista Market Forecast

The Property Insurance market market in Mexico is projected to reach a market size (gross written premium) of MXN US$3.06bn in 2024.
In the same year, the average spending per capita in the Property Insurance market market is expected to amount to MXN US$23.66.
Looking ahead, the gross written premium is predicted to have an annual growth rate (CAGR 2024-2029) of 5.77%, resulting in a market volume of MXN US$4.05bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium in the Property Insurance market market, with an estimated amount of US$240.4bn in 2024.
Mexico's property insurance market is seeing a surge in demand due to increasing natural disasters and the need for comprehensive coverage.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Over the past few years, the Property Insurance market in Mexico has been experiencing steady growth and development. Customer preferences in Mexico lean towards comprehensive property insurance coverage that includes protection against natural disasters such as earthquakes and hurricanes, which are common in the region. Customers also value policies that offer flexibility in customization to suit their individual needs and budgets. Trends in the market show an increasing demand for property insurance among middle-class homeowners and small businesses in urban areas. This trend is driven by a growing awareness of the importance of protecting assets against unforeseen events, as well as an overall increase in disposable income among the population. Local special circumstances in Mexico, such as the high exposure to natural disasters and the prevalence of informal housing in certain regions, contribute to the unique dynamics of the Property Insurance market. Insurers in Mexico need to tailor their products and services to address these specific challenges and provide adequate coverage to a diverse customer base. Underlying macroeconomic factors, including stable economic growth, urbanization, and regulatory reforms in the insurance sector, are also playing a significant role in shaping the Property Insurance market in Mexico. As the economy continues to expand and more people invest in real estate, the demand for property insurance is expected to further increase, driving market growth and innovation.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.