Major Insurance and Reinsurance Developments in 2008

Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Mexico stands out as particularly significant given the size of the market involved.

Steady Growth and Development

Mexico remains the second-largest insurance market in Latin America, with approximately 25% of the region's gross premiums. As of the end of the first quarter of 2008, the Mexican insurance market was made up of 95 companies, with 47 of those companies majority-capitalized from abroad. 52 of the companies include life insurance operations, while 61 companies maintain non-life operations. Life insurance premiums rose 16.4% over the previous year, while liability insurance premiums grew by 5.2 (11.6% when excluding auto insurance).