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August 4, 2022updated 11 Aug 2022 12:52pm

The five leading general insurance companies in Mexico in 2021

By Carmen

The Mexico general insurance market witnessed an increase at a compound annual growth rate (CAGR) of 6.3% from $13.4bn in 2016 to $18.2bn in 2021.

As per the data, the leading companies occupied 45.0% of Mexico’s total general insurance market.

1. Grupo Nacional Provincial, S.A.B.

Grupo Nacional Provincial, S.A.B. ranked number one in the country, reporting a growth of 7.9% compared with the previous year’s premium. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

2. Axa Seguros,de CV

Ranking number two in Mexico’s general insurance market was Axa Seguros,de CV. The company registered a 14.7% growth compared with the premium in 2020. Among the leading general insurance companies, its position remained unchanged when compared with its previous years ranking.

3. Qualitas Compania De Seguros,de CV ( Mexico)

Qualitas Compania De Seguros,de CV ( Mexico) ranked number three in Mexico’s general insurance market. Compared with previous year’s premium, the company registered a growth 5.1%. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

4. Mapfre Mexico

Mapfre Mexico, which ranked number four in Mexico’s general insurance market, registered a 106.1% growth compared with last year’s premium. Its ranking among the leading general insurance companies in the previous year was eight, which now improved to number four.

5. Chubb de Mexico, Compania De Seguros, S.A. de

Chubb de Mexico, Compania De Seguros, S.A. de ranked number five in Mexico’s general insurance market. The company registered a growth of 7.8% compared with last year’s premium. From number four position in the previous year, the company’s ranking among the leading general insurance slipped to number five.

Methodology

This analysis is drawn from GlobalData’s Company LoB Breakdowns Database, which tracks key insurance metrics across segments, categories, and line of businesses for more than 150 markets, globally. The data is sourced from regulatory authority/industry association/company SFCR. This data is mapped to segments and categories as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.

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