• Finance Secretary will make reforms to increase insurance access in Mexico

    Insurance penetration grew to 2.4% of GDP, but the country is well below the 8% recorded by the OECD, said the finance secretary

    https://www.publimetro.com.mx/ – The Secretary of Finance, Arturo Herrera, reported the agency in charge will initiate a series of reforms to increase the penetration of insurance in Mexico; and extend the benefits of these financial instruments to the population.

    The Secretary of Finance, Arturo Herrera, reported the agency in charge will initiate a series of reforms to increase the penetration of insurance in Mexico; and extend the benefits of these financial instruments to the population.

    ‘I invite you to take this opportunity to re-think the sector and to arrange everything that needs to be refined; both in the regulatory part, the tax part, and the investment part; so this sector has the importance that Mexico needs’.

    ‘I will instruct Gabriel Yorio and Carlos Noriega in the coming weeks to start working together on a reform agenda that will change the face of this sector,’ Herrera said at the inauguration of the Covid-Digital Encounter19, organized by the Mexican Association of Insurance Institutions (AMIS).

    He stressed that these reforms will be made ‘by all the agents’ and sectors involved in the insurance market: between the government and private initiative; as happened with the pension reform, which will soon be presented to the Mexican Congress for discussion.

    VERY LOW INSURANCE ACCESS: Finance Secretary

    The Secretary of Finance showed, although the country and the insurance sector have made significant progress in recent years, insurance coverage as a percentage of GDP is well below the average for member countries of the Organization for Economic Cooperation and Development (OECD).

    In Mexico, he said, five years ago the penetration of the sector represented 2% of the GDP; and now it was achieved to increase to 2.4%. ‘While this growth is remarkable, it is a growth that puts us far below international standards. The OECD countries have coverage of about 8% of GDP, ‘he said.

    In this context, Arturo Herrera highlighted that insurers are the third most important institutional investor in the country; and therefore, it is necessary to apply regulatory improvements, which allow insurers to have a more adequate risk profile.

    ‘Today most of the insurance companies’ investments are in government bonds. We thank them very much, but it would probably be much more useful to the country if they were in productive investments, ‘as is the case with the investments made by the Afores,’ the federal official said.

    See the original article at: https://www.publimetro.com.mx/

    RELATED NEWS

    Así ha afectado un ataque de ‘ransomware’ a una de las mayores aseguradoras de España

    SegurCaixa Adeslas prevé volver por completo a la normalidad de su actividad el próximo viernes tras seis semanas intentado recuperarse de un apagón digital [...]

    Preguntas abiertas sobre la primera reinfección agravada por COVID-19

    El caso del paciente infectado por dos cepas de coronavirus y con una peor evolución en la segunda demuestra lo poco que sabemos sobre el virus. ¿Cuánto dura la inmunidad? ¿Qué significa para los tratamientos y vacunas en desarrollo? ¿Necesitaremos una dosis anual en vez de una vacuna única? [...]

    La revista Forbes reconoció a Sura como uno de los mejores empleadores en el mundo

    Se ubicó en el puesto 483 y fue la única empresa colombiana que hizo parte del listado, así como la única latinoamericana de seguros [...]

    Transporte Marítimo de contenedores y Covid-19: No ha sido tan malo después de todo

    Las líneas navieras han sabido resistir, dado a una serie de factores más o menos inesperados [...]

    X