2023-07-09 01:43:28
Insurance companies increased the costs of their services between 15 and 18 percent. The adjustment argues its origin in the rise in raw materials and labor, and would have occurred as of last June, insurance consultants announced.
According to the National Survey of Financial Inclusion (ENIF) carried out in 2018 by the National Banking and Securities Commission (CNBV) and the National Institute of Statistics and Geography (INEGI), only 30 percent of the population of the northeast , which covers the states of Coahuila, Nuevo León, Tamaulipas and Durango have life, car or medical insurance.
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Insurance companies reported the rise in their prices in response to changes in the environment and the behavior of their client portfolios. The rate update grew 15 percent in basic coverage and 18 percent in national coverage.
The Mexican Association of Insurance Institutions (AMIS) ruled out that the increase is due to inflation, as some insurers justified to their clients. “Since August 2021, policy rates have risen at a faster rate than inflation,” they said in a statement.
AMIS reported that in the case of car insurance, there is little availability of spare parts and the costs of car repair have increased. The insurers carry deficits originating in the years 2020 and 2021, where due to the health emergency due to COVID 19 they had to make some subsidies to their clients, to counteract the effects of the pandemic.
The insurance advisors consulted by VANGUARDIA, who for competition reasons preferred to omit their identity, added that the prices of used cars also rose, as a result of the lack of new cars that was registered in 2022 and that in some cases has not yet stabilized due to complete.
They agreed that insurers have even offered discounted renewal promotions to customers without a claim, “because prices rose an average of 20 percent compared to last year. They try to compensate with months without interest in policy payments, but in the end the increase is there”.
In the case of Coahuila, data from AMIS indicate that, during the first year of the pandemic, the population insured for medical expenses grew by up to 20 percent.
“The case of Coahuila is interesting when we think about growth, in people insured in Medical Expenses there was a growth of close to 20 percent during the first year of the pandemic, there also a much greater awareness of the relevance of being insured was generated.”
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