President Enrique Peña Nieto led the 26th Convention of Mexican Insurance Companies. The insurance and sureties sector is key to the growth and stability of the country's economy, as well as the peace of mind and protection of households in Mexico.
Today, the insurance industry is modern, efficient and robust. It promotes financial stability and facilitates transactions, while protecting the assets of Mexican families and companies.
“During this Twenty-Sixth Convention of AMIS, it is a pleasure to note that the Law of Insurance and Sureties Institutions is contributing to the strength and dynamism of this innovative industry.”
The process of implementing the regulatory framework is advancing in an orderly fashion.
Advances in the industry
• There is more competition and transparency within the industry today. This translates into better quality services for insurance and surety users.
• The European Commission hails the new regulatory framework, which places Mexico at the forefront of corporate governance, transparency and companies’ financial solvency.
• The insurance sector is stronger and continues to grow. In 2015, it recorded 7.3% real growth in the sale of premiums, and has maintained average annual growth of 5.7% in the last decade.
• During the period 2006-2015, the sector's share of the economy has also steadily increased , from 1.8% of GDP, to 2.2% last year. It is estimated that this figure will double by 2030.
• Last year, the insurance package for PROSPERA beneficiary families, called “BANSEFI MÁS,” was created. This scheme provides, among other supports, life insurance for the principal beneficiary, his spouse and children. To date, this program has issued 370,000 policies, to protect the same number of families.
1. This package is derived from the strategic alliance between AMIS and BANSEFI, which will enhance the “BANSEFI MÁS” program.
The aim is to extend the benefits of the policies from 370,000 families to the 6.4 million families that are PROSPERA beneficiaries.
The new benefits of this instrument include a medical helpline as well as preventive nutritional, dental and eye care.
2. Life insurance for taxpayers enrolled in the Fiscal Incorporation Regime (RIF).
As from the second half of this year, citizens in the RIF will be able to acquire life insurance for the householder and his or her dependents at very low cost, using the SAT portal technology platform.
This insurance can be purchased online and will simply require the applicant’s tax number.
Both products ensure stability and asset protection for Mexican families, while seeking to achieve financial inclusion and boost the formal economy.
“These actions strengthen and expand the culture of insurance and prevention among millions of Mexicans.”
“The evolution of the insurance and securities sector is undoubtedly good news for families, the country’s social development and the strength of our economy”: EPN