Mexico Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 (2024)

Mexico Life Insurance Market Report Overview

The gross written premium of the Mexico life insurance market was MXN352.6 billion ($19.9 billion) in 2023. The market will achieve a CAGR of more than 7% during 2024-2028. A gradual economic recovery and an aging population will aid the Mexican life insurance market growth during the forecast period.

The Mexico life insurance market research report provides an in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Mexico Life Insurance Market Outlook, 2023-2028 (MXN Billion)

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The Mexican life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Mexican economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Mexico Life Insurance Market Trends

Inclusive insurance initiatives, sustainability developments, digital transformation, inflation, and employment and demographic trend digital initiatives are the key trends that will impact the Mexico life insurance sector.

• Businesses have been focusing on ESG over recent years and it will continue to be a key aspect of any successful business strategy in the future. It is especially important in the insurance sector because of the financial burdens experienced by insurers and reinsurers due to the growing number of severe weather events attributed to climate change.
• The coronavirus (COVID-19) pandemic led to a sharp rise in inflation. Banxico’s proactive measures have contributed to curbing inflation. Excluding food and energy, consumer price index (CPI) core inflation has shown a decline since the beginning of 2023. Despite this, there is ongoing inflation in services; causing overall inflation to remain above the bank’s 3% target rate.

Mexico Life Insurance Market Segmentation by Lines of Business

Pension accounted for the highest share of the Mexican life insurance market in 2023

The key lines of business in the Mexican life insurance industry are pension and other life. High inflation rates beyond Banxico’s target and decreased disposable income reduced the pension contributions in 2023. Mexico’s existing pension system faced criticism for leaving many low-income retirees with inadequate benefits. However, in April 2024, Mexico’s Senate approved a new pension fund to increase payouts for low-earning recipients as part of a reform proposed by the President.

Mexico Life Insurance Market Analysis by Lines of Business, 2023 (%)

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Mexico Life Insurance Market Segmentation by Distribution Channels

In 2023, agencies was the most preferred channel to purchase life insurance

The key distribution channels in the Mexican life insurance industry are direct marketing, e-commerce, bancassuarance, and agencies. With increased access to the internet, the usage of e-commerce channels for insurance distribution is expected to increase over 2024–28.

Mexico Life Insurance Market Analysis by Distribution Channels, 2023 (%)

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Mexico Life Insurance Market - Competitive Landscape

MetLife Mexico accounted for the highest share of the Mexico life insurance market in 2023

A few of the leading life insurance companies in Mexico are:

• MetLife Mexico
• Seguros BBVA Bancomer
• Grupo Nacional Provincial
• Citibanamex Seguros
• Seguros Monterrey

Headquartered in Miguel Hidalgo, Metlife Insurance’s website operates a client portal for individuals where customers can manage their policies. The website offers an online procedure and advice service where customers can fill in their details and get a callback. Customers can avail details of the various Metlife centers under the service centers tab.

Mexico Life Insurance Market Analysis by Companies, 2023 (%)

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Mexico Life Insurance Market - Latest Developments

• In November 2023, MetLife introduced MetLife Xcelerator; a platform that allows its business associates (including banks, financial institutions, retailers, healthcare providers, and utilities) to incorporate a wide range of insurance solutions at every stage of their customers’ lives.
• In August 2023, Inszone Insurance Services acquired Jackson Insurance Solutions, an insurance agency in Mexico, as part of its plan to expand in the Southwest region.

Segments Covered in the Report

Mexico Life Insurance Lines of Business Outlook (Value, MXN Billion, 2019-2028)

• Pension
• Other Life

Mexico Life Insurance Distribution Channel Outlook (Value, MXN Billion, 2019-2028)

• Direct Marketing
• E-commerce
• Bancassuarance
• Agencies

Scope

This report provides:

• A comprehensive analysis of the life insurance segment in Mexico.
• Historical values for the Mexican life insurance segment for the report’s review period and projected figures for the forecast period.
• Profiles of the top life insurance companies in Mexico and outlines the key regulations affecting them.

Key Highlights

• Key insights and dynamics of Mexico’s life insurance segment.
• A comprehensive overview of Mexico’s economy, government initiatives, and investment opportunities.
• Mexico’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.
• Mexico’s life insurance segment’s market structure gives details of lines of business.
• Mexico’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.
• Distribution channels deployed by Mexico’s life insurers.
• Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

• Make strategic business decisions using in-depth historical and forecast market data related to Mexico’s life insurance segment.
• Understand the demand-side dynamics, key market trends, and growth opportunities in Mexico’s life insurance segment.
• Assess the competitive dynamics in the life insurance segment.
• Identify growth opportunities and market dynamics in key product categories.