MEXICO CITY -(Dow Jones)- Mexico's insurance industry premiums will likely grow 9.9% this year to 208.39 billion pesos ($19.48 billion), Recaredo Arias, the general director of the country's insurance association said Monday.
The growth would fall short of last year's 11.9% rise to MXN190.3 billion, and could be affected if the U.S. economy fares worse than expected, Arias said at a press conference.
Sustained growth in the sector has been brought about in recent years thanks to overall economic growth and low inflation, the association, known as Amis, said in a press release.
Arias said Amis is beginning to benefit from efforts to increase use of insurance in Mexico, and aims to increase the value of its premiums as a percentage of gross domestic product, or GDP, to 5% between 2015 and 2020, up from just under 2% at the end of 2007.
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This story is very important because the GDP in Mexico is expected to increase to 5% in the next few years.
The growth would fall short of last year's 11.9% rise to MXN190.3 billion, and could be affected if the U.S. economy fares worse than expected, Arias said at a press conference.
Sustained growth in the sector has been brought about in recent years thanks to overall economic growth and low inflation, the association, known as Amis, said in a press release.
Arias said Amis is beginning to benefit from efforts to increase use of insurance in Mexico, and aims to increase the value of its premiums as a percentage of gross domestic product, or GDP, to 5% between 2015 and 2020, up from just under 2% at the end of 2007.
click here for full story
This story is very important because the GDP in Mexico is expected to increase to 5% in the next few years.
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