Mexico's insurance sector should see a nominal growth of between 10% and 12% this year in terms of new policies as the economy improves, El Economista reported, citing analysts at Fitch Ratings.
An increase in infrastructure development as well as an increase in credit will boost growth of the country's insurance sector, according to Eugenia Martínez, a director at Fitch.
Products in the life, car, and pension segments are expected to see the strongest performance. Growth of the insurance sector goes hand-in-hand with GDP growth, which Fitch estimates at 2.2% this year for Mexico.
Implementation of the regulatory framework Solvency II has also helped to improve the sector's capitalization and reserves, the rating agency noted.
