Financial Services Advisor

Manuel S. Escobedo, president of the Mexican Association of Insurance Companies (AMIS): “At the end of the second quarter, the Mexican insurance sector was showing signs of recovery linked to the reopening of businesses after the second wave of the pandemic, the advance in vaccinations and relative economic stability. The insurance sector is showing growth in real terms of 6.4 percent in premiums compared to the same period of 2020, with a return on capital of 11.9 percent. Pension lines had the country’s highest growth. There was an increase in the number of IMSS pensions, which may have been caused by factors including delays in pension procedures due to the pandemic and increases in the granting of pensions due to the death of the insured. The industry is expected to grow significantly in the coming years because of the 2020 pension reform. For life insurance, growth has been 0.1 percent in real terms, that is, it remained at the same level as the same period in 2020. The automobile industry was severely…”