The insurers in Mexico paid 522,000 million pesos (about 26.1 billion dollars) to cover claims in 2024, an increase of 49.8% in the last five years when compared to 2020, the Mexican Association of Insurance Institutions (Amis) reported Wednesday.
Only last year, the accidents grew by 5.3% per year, with the life insurance segment with the highest progress, 15.7%, to 204,463 million pesos (10,223.15 million dollars), the Amis said in a report.
Meanwhile, accident and disease expenses rose 15.4% to 122,279 million pesos (6,113.9 million dollars) and cars increased by 13.6% to 114,416 million pesos (5,720.8 million dollars) erred by this concept.
Despite the increase in the payment of claims, the AMIS highlighted an increase of 17.2% in revenue due to premiums to 908,789 million pesos (45,439.45 million dollars).
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“Our industry continues to grow at a good pace, we have more Mexicans with some type of policy, which undoubtedly contributes to the country, as individuals and society, to have greater financial protection,” said Norma Alicia Rosas, general director of the AMIS, in a statement.
The Association explained that the life branch continues to gain space in the insurance market in Mexico, because at the end of 2024 its cousins represented 41.3% of the total and the cars also gained space when it went to 21.3% participation last year.
On the contrary, the accident and disease segments (from 19.2% to 18.7%), damages without cars (from 15.9% to 14.5%) and pensions (4.8% to 4.2%) lost market compared to 2023, the report said.
With EFE information
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