Ranking of Mexico Insurance Companies

Is the Mexico Insurance Company Reputable?

Mexico Tourist Auto Statistics 2004.pdf
Total Mexico Insurance Market Stats 2004.pdf

In recent years, three major Insurance Companies (Seguros del Noroeste, Kemper and Reliance National) writing Mexico Tourist Automobile Insurance have suffered severe financial problems.   Unfortunately, many purchasers of insurance for Mexico are misled by believing that they can rely on the broker, rather than the Mexico Insurance Company, to properly handle their claim in Mexico.  The truth is the insurance company you purchase from should be much more important to you than the Broker that sells you the policy.

As the global economic environment continues in a state of uncertainty, it may be more important than ever to purchase insurance for Mexico from a financially strong insurer.  No matter how reputable your agent or broker, if they are placing your insurance with a troubled insurer you could be in for some unpleasant surprises in the event of a claim.  There are over 50 Insurance Companies in Mexico; similar to the U.S., "some are good and some are bad."

According to the 2002 report of the Mexico Insurance Commission (Comision Nacional de Seguros y Fianzas) only 2 Mexico Insurance Companies write over $400 Million US in total non-life premiums. These companies are Grupo Nacional Provincial and Seguros Comercial America.  Our brokerage uses both of these companies, and also represents Ace Seguros and GE Seguros, a subsidiary of GE Capital. Outside of the ten largest Mexico Insurance Companies, each of the remaining insurers write less than $60 million in non-life premiums (with quite a few writing less than $10 million), including some companies quite familiar to purchasers of Mexico insurance.

Although some US insurers have purchased ownership interest in Mexico Companies, these Mexico Companies operate independently of the US parent company.  Ask your agent about the size and financial strength of the Insurance companies they use; in the event of further economic problems and/or the devaluation of the Peso coupled with a few natural disasters such as a hurricane or flood, how will the insurer fare?

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