Copying and distributing are prohibited without permission of the publisher 18 July 2012
Country Profile: Mexico?s fundamentals for insurance and reinsurance growth are strong, with low penetration and high catastrophe risk exposure. The problem is delivering on that promise, with changing a culture that shuns insurance top of the list.
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Enrique Pe?a Nieto was elected the new president of Mexico on July 1. This marked the return of his Institutional Revolutionary Party (PRI), which was in power for 71 years before being voted out in 2000.
Mexican voters will be hoping Pe?a Nieto can boost the economy and tackle the challenge of Mexico?s drug cartels. Efforts under Felipe Calder?n?s National Action Party to crack down on the cartels only served to increase violent crime and kidnappings in previously peaceful areas.
The country?s insurers will also hope the new government can do something about the industry?s growth problem.
?The main question mark for the insurance industry is where the growth will come from because in the current scenario it is not clear that there is any source of growth for this country in the immediate future,? Manuel Escobedo, board member of Mexican reinsurer Patria Re, told Reactions.
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