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OLDWICK, N.J.—The Mexican insurance market is growing despite the industry’s low penetration level, according to a report issued Monday by A.M. Best Co.
Oldwick, N.J.-based Best noted that Mexico is the second-largest insurance market in Latin America, following only Brazil. But the insurance industry has a relatively low penetration level, amounting to only 1.8% of the country’s gross domestic product, according to Best.
Nevertheless, Best’s report—“Rebound, Market Innovation Drive Insurance Growth in Mexico”—found that direct premium written across all lines of insurance grew 7.9% to 204.3 billion Mexican pesos ($15.96 billion) during the first three quarters of 2011 compared with the same period a year earlier. Best noted that the Mexican Assn. of Insurance Cos. projects 6% premium growth for 2012.
Best said premiums are closely split between the nonlife and life sectors of the industry, with nonlife premiums accounting for 40.5% of premiums and life premiums accounting for 39.4% of premiums during the first nine months of the year.
The remainder consisted of accident and health insurance premiums and private pension premiums.