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29 Apr 2019, Natalia Yanakieva, Head of EMIS Insights, EMIS

Mexican insurers anticipate slower 2019 growth on economy, austerity

Mexico’s insurance association AMIS anticipates a 3.4% real growth of premium income in 2019. The forecast growth rate is lower than the 5.4% expansion in 2018 due to worsened GDP outlook for 2019 and the significant impact of the government austerity measure to cut funding for coverage of private medical expense and so-called individual separation insurance (SSI) policies for government employees. The SSI policies provided an economic cushion for employees upon leaving employment, with the government matching the workers' voluntary withholding of 2% to 10% of every paycheck.

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