2015 AMIS Mexican Insurance Stats - What they Mean to You?
Every quarter the Mexican Association of insurance Institutions or (Asociación Mexicana de Instituciones de Seguros), called AMIS, releases a report on the state of the Mexican insurance industry. The objective of the AMIS is to study and provide statistics regarding the insurance industry in Mexico.
Once a year Mexpro offers the yearly summary of the AMIS reports to provide transparency to our customers. Since you are likely not familiar with the companies we provide insurance through, we want you to know about the choices you have for Mexican insurance through us.
Let's take a quick look at how to read this report and what it means. The AMIS reports typically come in a table format. For each piece of data provided, you will find the most current time period to the left (2015) and last year's comparison to the right (2014). The data provided is below:
- Overall ranking
- Total premiums (amounts paid for an insurance policy)
- Percent year over year growth
- Loss ratios (ratio of claims paid relative to premiums collected)
- Percent of the market share
- A.M. Best ratings
While providing information on how the Mexico insurance industry is doing as a whole, it also gives pertinent information on how individual Mexico insurers are performing.
Knowing how a company is growing or shrinking (premiums) can indicate a shift in focus or disinterest in a product, among other things.
Loss ratios can influence rate changes and the profitability of the company. Most companies with a loss ratio under 50% are profitable, whereas those that are over are struggling. Some loss ratios can be skewed because they include other tourist products that are similar to auto insurance for Mexico, because there is nowhere else they can be reported.
Another important thing to look at is the A.M. Best rating column. Several companies in the AMIS report are not rated by A.M. Best or do not have an A-rating. New laws in Mexico, like Solvency II legislation are trying to fix this. Several companies are also rated as part of an overall group of companies (ACE, ABA, Mapfre, etc.), meaning they could be part of larger, International companies—which is common in the insurance industry. But there are, however, several companies that are stand-alone companies (i.e. GNP A-rated, Qualitas B-rated).
What does the AMIS report mean to you? It lets you know which companies are in the best shape to pay a claim if you have an accident with your vehicle in Mexico.
The companies Mexpro represents (ACE Seguros, GNP, ABA Seguros and El Aguila) all have A.M. Best A ratings. They are also highly ranked on Premium with low loss ratios. Again, we want you to know you are being provided the best insurance you can get in Mexico. Mexpro wants you to know ‘we got you covered’.