The Mexican insurance sector grew 2.5% in 2017, as direct written premiums for damages jumped 9.8%, data from insurance regulator CNSF showed.

Mexican insurance firms ended 2017 with a portfolio of 490.62 billion Mexican pesos, mostly consisting of direct premiums. The rise in damage products, which represented 40% of the total portfolio, was slightly offset by a 4.2% decrease in life premiums.

Premiums for accidents and diseases represented 15.8% of the portfolio and increased by 2.9% while pension products grew 3.5%.

The regulator noted that the number of companies within the sector stood at 98 in 2017.

As of Feb. 26, US$1 was equivalent to 18.65 Mexican pesos.