Williamstown, MA -- (SBWIRE) -- 12/29/2009 -- Back in December we questioned whether the government's ambitious US$141bn national infrastructure programme (a five-year initiative that began in 2007) could proceed in an environment characterised by global risk aversion and tight credit conditions. This view has been endorsed by recent news that the US$5bn Punta Colonet port project has now been postponed, and in our view is unlikely to go ahead for the remainder of 2009, as the private sector appears either unwilling or unable to put up its share of the funding. Since the last quarter, we have made two major changes to the data in this report. First, we have - to the greatest extent possible - incorporated hard figures that have been made available by the regulator(s) and trade association(s) in each country. In some cases, therefore, we have begun to include numbers that pertain to the development of the insurance sector through the early stages of the global financial crisis. Second, we have extended our forecasts out to 2013. In all cases, we have reviewed the key growth drivers - non-life penetration and life density - incorporated in our forecasts. The global financial crisis is likely to affect the various segments of the global insurance industry in different ways. In many countries, especially in Europe, the coming recession points to softness in the non-life segment. In many cases, the numbers of policies may fall and there should be downwards pressure on premiums. By contrast, the main problem for the life segment in almost all countries is the extreme volatility of financial markets. Over the longer term, however, the fortunes of life insurance will likely recover thanks to the secular growth of organised savings in most countries. China - where the larger insurance companies continue to achieve double-digit growth in premium income - is a good example of this. Some particular niches should also do well in the current environment, such as legal liability insurance. In Latin America, we profile 21 companies. These are AEGON, AGF, AIG, Allianz, AXA, Cardif, CNP, Generali, HDI-Talanx, HSBC Insurance, ING, Liberty Mutual, MAPFRE, MetLife, New York Life, Prudential Financial, QBE, RSA, the Hartford, Principal Financial and Zurich. Over the course of 2008, actual/estimated total premiums in Mexico rose by 16% to MXN214bn. Non-life premiums rose by 18% to MXN126bn, while life premiums rose by 14% to MXN88bn. Between now and the end of the forecast period, we expect that annual non-life premiums will grow by MXN55bn while annual life premiums should grow by MXN42bn. Growth in non-life premiums should be driven by the general growth of nominal GDP plus a rise in nonlife penetration from the current level of 0.8% to 1.3%. Growth in Life premiums should be driven by the change in the overall population and a rise in life density from US$67.45 to US$120.00 per capita.

Report Table of Contents:
The Sector At A Glance

Table: Overview Of Mexico’s Insurance Sector
- Key Insights On Mexico’s Insurance Sector
- SWOT Analysis
- Mexico Insurance Industry SWOT
- Mexico Political SWOT
- Mexico Economic SWOT
- Mexico Business Environment SWOT
- Global Outlook
- Regional Overview

Table: MAPFRE AMÉRICA - Gross Written Premiums, 2008 And 2009* (EURmn)
- Projections And Forecasts

Table: Insurance Data And Projections, 2005-2014
- Projections And Drivers Of Growth

Table: Growth Drivers, 2006-2013
- Country Update
- Macroeconomic Forecast

Table: Mexico - Economic Activity, 2005 - 2014
- Political Outlook
- Insurance Business Environment Rating

Table: Mexico’s Insurance Business Environment Indicators

Table: Latin America And Caribbean Insurance Business Environment Ratings
- Regional Context

Table: Non-Life Premiums In A Regional Context, 2008

Table: Life Premiums In A Regional Context, 2008
- Major Players In Mexico’s Insurance Sector
- Analysis Of Competitive Conditions
- Regional Overview
- Local Company Profiles
- Banamex Seguros
- Bancomer Seguros
- Grupo Nacional Provincial
- Quálitas
- Seguros Inbursa
- Regional Company Profiles
- AEGON
- AGF
- AIG
- Allianz
- AXA
- Cardif
- CNP
- Generali
- HDI-Gerling
- HSBC Insurance
- ING
- Liberty Mutual
- MAPFRE
- MetLife
- New York Life
- Prudential Financial
- QBE
- RSA
- The Hartford
- The Principal
- Zurich
- Country Snapshot: Mexico Demographic Data
- Section 1: Population

Table: Demographic Indicators, 2005-2030

Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare

Table: Education, 2002-2005

Table: Vital Statistics, 2005-2030
- Section 3: Labour Market And Spending Power

Table: Employment Indicators, 2001-2006

Table: Consumer Expenditure, 2000-2012 (US$)

Table: Average Annual Wages, 2000-2012
- Methodology
- Insurance Business Environment Ratings

Table: Insurance Business Environment Indicators And Rationale

Table: Weighting Of Indicators

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