The motor insurance industry in Mexico is expected to see a healthy growth over the next four years, according to a new report from the UK based research firm BRICdata.
During the review period (2007-11), the Mexican motor insurance category increased due to the expansion of the automobile industry in the country.
The number of automobile sales in the Mexico is anticipated to increase during the forecast period (2012-16), which will generate a larger customer base for the country’s motor insurance.
During the review period, the Mexican motor insurance category grew in written premium value at a CAGR of 2.35% and the number of policies sold increased at a CAGR of 4.34%.
While agencies remain the dominant distribution channel of motor insurance in Mexico, companies are also developing new distribution channels to sell their motor insurance products in the country.
In order to capitalize on the existing branch network across the country, some companies are entering into bancassurance partnerships with banks.
The full report ‘Emerging Market and Investment Opportunities in the Mexican Motor Insurance Industry to 2016’ is available from BRICdata. Click here for more details.