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Mexico 1Q Insurance Sector Premiums Up 15.9% To MXN65.13 Bln

Ken Parks Wall Street Journal
Mexico 1Q Insurance Sector Premiums Up 15.9% To MXN65.13 Bln - Mexico - Insurance


Mexico's insurance regulator, the CNSF, said Monday the sector's first-quarter direct premiums grew 15.9% year-on-year to 65.13 billion pesos ($4.96 billion).



In a press release, the CNSF said premiums from property and casualty policies rose 38.8% to MXN30.54 billion, largely due to the renewal of a big two-year contract with state oil monopoly Petroleos Mexicanos (PEM.YY).
Within the property and casualty segment, auto insurance premiums fell 9% to MXN12.4 billion as a recession crimps new vehicle sales.
Accident and health insurance premiums increased 3.1% to MXN9.23 billion, annuity premiums rose 10.2% to MXN2.03 billion, while life insurance premiums were nearly flat at MXN23.32 billion, the regulator said.
 

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