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/
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