FERNANDO SOLÍS SOBERÓN
We have been working with Generali for the last 15 years, and the bank owns 49% of Banorte-Generali. The agreement renewal confirms our successful partnership and demonstrates our desire to continue working together for the next 25 years.
The new regulations may lead to consolidation in the market, and some companies may not survive. Conceptually, I believe it will benefit the sector.
I believe insurance will be compulsory at the federal level in the future. Out of the 20 countries with the largest economies, we are the only country that doesn’t require motor insurance. Among all the member countries of the OECD, Mexico is the only one without compulsory motor insurance.
XAVIER DE BELLEFON
AXA Seguros acquired ING Seguros three years ago when it was experiencing significant financial difficulties. Despite the financial crisis, we are currently on track with our planned acquisition process. Taking that into account, we are on track in terms of market growth and profits.
If we look at our product lines, we are number one in non-life insurance. We are number two in both motor and health insurance, with market shares of 18% and 19%, respectively. We are number one in property insurance with a 12% market share, and we have 6% of the life insurance market. Over half of our business—55%—is in the corporate segment, principally with SMEs.
I think Mexico represents a great opportunity for companies like AXA—the population of the country currently stands at more than 100 million and is growing. GDP per capita is one of the highest in South America, and it is the 13th largest economy in the world.
JOSÉ ANTONIO PALACIOS
In Mexico the regulations are a little bit more demanding than in the rest of Latin America. The International Association of Insurance Supervisors (IAIS) qualifies and compares the different countries, and Mexico is one of those with a higher standard of regulatory structure.
LIFE & NON-LIFE
Life now accounts for 44.84% of the premiums in the total market. Non-life is getting a lot of business because of the auto business; auto represents almost 20% of the total market. Even though the insurance industry contributes only a small amount to overall GDP in Mexico—only 1.9%—the industry is growing.
CROSSING THE BORDER
Our main alternative channel is telemarketing; we have internet sales and relationships with businesses to sell very specific policies. For example, in the north of the country, auto insurance is available for crossing the border.
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