The insurer Qualitas reported that the premiums issued by financial institutions in the fourth quarter of 2024 grew 23.2% per year to 5.625, due to an increase in the sale of cars in Mexico.
“The quarterly growth of 23.2% in the issuance through financial institutions is linked to the sale of new cars,” he said in his financial report sent to the Mexican Stock Exchange.
For all 2024, the premiums grew 25.6% to 19,051.
According to Quálitas, the automotive industry maintains its “growth inertia”, although with a “clear deceleration” when compared to the data recorded in 2023, growing 10.3% year against year, including light vehicles and heavy equipment.
The Mexican Association of Automotive Distributors recently reported that in 2024 the sale of light vehicles can reach 1.5 million units sold, a figure that would be higher by 10% to that registered in 2023.
“It is important to consider that, AMDA does not yet record all existing brands in the market, mainly Chinese, so the figures could be superior to what is currently reported,” he said.
According to the insurer, during 2024 the company managed to exceed the historical record in insured units, closing with a figure greater than 5.7 million cars.
“This translates into an increase of 400 thousand units or 7.5% more compared to the previous year, and 43 thousand units or 1% compared to the closure of the previous immediate trimester,” said Quálitas.
“We maintained a solid annual growth trend of 8.0% over the past 5 years,” he added.
The company also indicated that in the fourth quarter the premiums issued continued with positive growth, increasing 27.4% or 4,496 million pesos against the figures reached in 4T23.
“This growth was mainly pushed by a major emission to the expected multi -year policy,” said Quálitas. Meanwhile, accumulated, the emitted premiums increased 28.9% throughout last year.
The quarterly accident rate was positioned at 66.0%, mainly impacted by the constitution of reserves in the United States subsidiary and accumulated, the index closed the year by 66.3%.
“On the other hand, in the subsidiary in Mexico, the quarterly accidents was 63.2 and 64.4% in the year, demonstrating the required inflection point, as well as the desired accidents within the target range,” said the company.
Quálitas reported that the cost of accident increased ERN 9.9% in the fourth quarter of last year, since in the last three months of 2024 it was 10,903 million pesos, compared to 9,917 million of the same period of 2023.
The annual figures showed an increase of 15.3% in 2024, since in that year the cost of a accident rate was 40,559 million, compared to 35,174 million registered in 2023.
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