Mexican Insurance Industry Reports $908B in Premiums, Highlights Major Claims

Mexican insurance companies currently cover risks valued at 13 times the nation's GDP, with premiums reaching MX$908.79 billion. The COVID-19 pandemic represents the most expensive claim in Mexico's insurance history at US$3.01 billion, followed by significant losses from hurricanes Wilma, Otis, and Odile, and the 2017 earthquake. The industry has paid MX$522 billion in claims as of Q4 2024 and holds assets totaling MX$2.13 trillion, primarily invested in government bonds, positioning insurers as Mexico's third-largest institutional investors.

The Mexican insurance sector's portfolio is predominantly composed of auto insurance (41%), life insurance (21%), accidents and health (19%), property damage (15%), and pensions (4%). Forecasts indicate pension insurance will grow to represent 25% of the market by 2050. AMIS highlights ongoing industry challenges related to modernization, climate risks, and urban growth, emphasizing enhanced risk awareness and prevention to strengthen national resilience.

Founded in 1789 with the Compañía de Seguros Marítimos de Nueva España and formalized through AMIS in 1940, the sector now includes 85 member companies capturing 99% of industry premiums. Collaboration between AMIS, the National Commission for the Protection and Defense of Users of Financial Services (Condusef), and industry agents aims to launch the first Insurance Week in November to further industry engagement and consumer protection.