Mexico City. — On September 4, as part of the "Business Strategy Forum to Increase Insurance Penetration in Mexico," organized by the United Nations Development Programme (UNDP) in Mexico, 10 companies from the insurance sector presented their business cases aimed at providing insurance to vulnerable populations in the country.
Insurance penetration in Mexico, according to OECD methodology, reached 3.2% of GDP in 2023, highlighting the need to expand insurance coverage to vulnerable populations. These groups are often underserved by the industry yet require protection against disasters and unforeseen events.
The forum, wich had more than 160 participants from the insurance sector, also showcased strategies for integrating savings mechanisms with insurance products for women. Additionally, possible actions were discussed to reach remote areas of the country with services in indigenous languages and to provide protection for drivers and couriers working for digital platforms.
In his opening remarks, UNDP Resident Representative in Mexico, Lorenzo Jiménez de Luis, stated, "It is often thought that insurance for vulnerable populations is not profitable or viable, but at UNDP, we see inclusive finance as a tool for sustainable development."
Meanwhile, Ricardo Ernesto Ochoa, President of the National Insurance and Surety Commission (CNSF), provided an overview of the current state of the insurance sector in Mexico.
Three panel discussions followed:
- Insurance for the Majority:
Participants included GNP Seguros, Compartamos Banco, Zurich Santander, and General de Seguros, moderated by César Rojas, CEO of El Asegurador.
- Using Technology to Democratize Access to Insurance:
Moderated by Tania Rojo, Legal Deputy Director of Zurich Santander, with contributions from Mi Compa Seguros, Mercado Pago, and XSISÍ.
- The Role of Agents in Increasing Insurance Penetration:
Featuring Grupo KC, Interprotección, and Marsh McLennan, moderated by Gerardo de la Garza, Executive Director of Sekura.
The event concluded with a key panel discussion featuring Miguel Camacho, CIO of Latino Seguros and President of AMIS’s Technology Committee; Luis Villalpando, Director General of Development and Research at CNSF; Elsa González, President of the National College of Actuaries; and Mauricio Arredondo, President of the Intermediaries Evaluation Center (S.C.).
The forum was part of the global Insurance and Risk Finance Facility (IRFF) initiative, which has been operating in Mexico for nearly two years. Its goal is to collaborate with governments and the private sector to implement initiatives that improve the inclusivity and coverage of risk transfer mechanisms for the entire population.
It is essential to continue fostering collaboration between the private sector, public institutions, international organizations, and civil society to extend protection mechanisms to the most vulnerable and underserved populations.
