Mexico Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

Mexico Life Insurance Market Overview

The gross written premium of the Mexico life insurance market was MXN304.9 billion ($15.2 billion) in 2022 and is expected to achieve a CAGR of more than 4% during 2023-2027. The Mexico life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Mexican life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.

Mexico Life Insurance Market Outlook, 2022-2027 (MXN Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Mexican economy and demographics, and provides detailed information on the competitive landscape in the country. It also gives insurers access to information on segment dynamics and 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

Open data, and inclusive insurance are some of the market trends impacting the Mexican life insurance market. Mexico’s foray into open data is expected to provide a strong ecosystem for digitalization. For instance, datos.gob.mx is the open data catalog of the Mexican Government through which data is shared. It is developed as part of a national open data policy to use and re-use government data by the public, private, and social sectors.

Furthermore, Mexico has a sizable market for microinsurance for life, health, and medical services mainly to the lower-income segment of the population that traditionally has no access to the financial system. For instance, Metlife Mexico’s Metalife Woman is a comprehensive life insurance product targeting female customers which includes death benefits, nutritional guidance, medical assistance, and discounts for healthier lifestyles.

Mexico Life Insurance Market Segmentation by Lines of Business

The key lines of business in the Mexico life insurance industry are pension and other life insurance. Pension was the leading life insurance line of business and the highest contributing line in 2022. High informal employment, coupled with increased unemployment and new early retirement provisions are expected to remain a persistent challenge to pension insurers over 2023-2027.

Mexico Life Insurance Market Analysis by Lines of Business, 2022 (%)

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Mexico Life Insurance Market Segmentation by Distribution Channel

The key distribution channels in the Mexican life insurance industry are direct from insurer, bank, financial advisor, insurance broker, online aggregator and other distribution channels. In 2022, direct from insurers was the most-preferred channel for life insurance in Mexico, followed by banks and financial advisors.

Mexico Life Insurance Market Analysis by Distribution Channel, 2022 (%)

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Mexico Life Insurance Market - Competitive Landscape

The leading life insurance companies in Mexico are MetLife Mexico, Seguros BBVA Bancomer, Grupo Nacional Provincial, Seguros Monterrey New York Life, and Pensiones Banorte among others. Metlife Mexico was the largest life insurer in 2022, followed by Seguros BBVA Bancomer and Grupo Nacional Provincia.

Mexico Life Insurance Market Analysis by Companies, 2022 (%)

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Mexico Life Insurance Market Segments

Mexico Life Insurance Market Lines of Business Outlook (Value, MXN Billion, 2018-2027)

• Pension
• Other Life Insurance

Mexico Life Insurance Market Distribution Channel Outlook (Value, MXN Billion, 2018-2027)

• Direct From Insurer
• Bank
• Financial Adviso
• Insurance Broker
• Online Aggregator

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

Reasons to Buy

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