eMex NEWS - MacAfee and Edwards

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eMex
NEWS
Tijuana, Baja California. Issue 7– 2nd Quarter, 2012
EDITORIAL
Inside this issue:
1-2
EDITORIAL
2-3
Briefs of the economy and
the Mexican Insurance
Industry
Elections for president, July 1st.
- Outcome Siempre tienes que tener tu propio se-
The Mexican Insurance
Marketplace 2011
–Rankings3-6
Technical Article
6
Something to laugh about...
¿Eres arrendatario de una casa,
una oficina o edificio? ¡Ojo con
esto!
The process to elect a new president, 7 Governors ,
128 Senators and 500 Congressmen took place in a
day where over 50 million people voted in spite of
the dark shadows that inspired, the apparent poor
quality and lack of leadership of the four candidates
that contended ; however the country responded
with civility and peacefully assisted to their ballots
to elect a new President, since in Mexico there are
no reelections and the President is elected every six
years.
Over 50 million votes were accounted and the PRI
party with its candidate Enrique Peña Nieto as ample favorite according to polls, won with a 38.21%
over the total (this is nearly 20 million votes). This
political party who ruled the nation, since right after
the Mexican Revolution which ended around 1924,
has had supremacy, for all these years except between 2000-2012, two elections who went for the
right center party PAN, in which millions of people
had lots of faith of making a major change in the
country. Now the PRI has come back hopefully for
guro de responsabilidad civil arrendatario, aunque no haya contrato, e independientemente si el casero o
arrendador tenga su propio seguro; ya
que al efectuarse una pérdida la aseguradora del arrendador les pagará el
seguro, pero se van legalmente en
contra de quién resulte responsable
por el incidente, en cuyo caso lo más
good . probable es que sea el arrendatario,
When analyzing the situation, we can see, that all the
por eso necesitas protegerte.
corruption which has flooded Mexico’s political life,
was not fully eradicated in these twelve PAN years,
and President Calderon despite of lots of credits
about having the strongest economy the country has
ever had, great advances in general health issues,
still, tried and failed to finish the war against the
drug lords. This internal war took more than 60,000
lives and is not over yet. Obviously, politically, this
has not been seen well by the middle and lower
classes, who lost family and did not see a miracle on
the that could switch things around overnight (12
years) and we all suffered, lots of security problems,
since kidnappings and extortions took place like
never before.
The PAN contender Ms Josefina Vazquez, first
woman ever to attempt to reach that far, had an
atrocious campaign, first because the internal elections within the party were pretty devastating between the pre-candidates, then the three month
MEXICO OFFICE
Av. Las Palmas, Fraccionamiento Las Palmas 4912, Tijuana, B.C. México.
Tel. 01152 (664) 134-6520 Fax. 01152 (664) 621-1819, [email protected]
eMex NEWS
campaign never picked up with good intelligence
and media, but perhaps because Mexico is still a
“macho , male country“ and did not trust what she
could do. The outcome for PAN was actually a catastrophe since she only took 25.41% of the votes,
falling to third place behind the messianic leftist
and populist leader Lopez Obrador, PRD party (sort
of a combination between Hugo Chavez and Fidel
Castro) who had , to our astonishment 31.6 % of the
votes. The fourth candidate Mr Quadri just obtained a 2.3% of the votes, mainly because it’s a
new party, and the leader of such party, is a woman
that has been a union leader for the teachers, a
very important union, and their work is as corrupt
as it can be and has kept Mexico in the ignorance
and deepened us into a third world country.
In the struggle for Governors PRD took the Federal
District (which is Mexico City) for the fourth consecutive time, as well as, two small states Tabasco
and Morelos. PAN took only one and PRI took the
other 3 states for Governors. Please note that Mexico as a country of 32 states and a Federal District.
Only 7 states were at stake in these elections. Cur-
rently, from the 32 states PRI has the power in 22
of them.
Enrique Peña Nieto task is going to be difficult but
he is a young man and seems to have the strength
una
oficina
and the
patience
to dooit.edificio?
First, he has¡Ojo
to callcon
everybody in
unity, in the name of Mexico and pacify all
esto!
those who are not happy with the outcome of the
elections and try to gather and coordinate the diftienesusing
quegood
tener
tu propio
ferentSiempre
political forces,
politics,
whichsein
responsabilidad
civil arrendatheory,guro
has de
always
been the strongest
part of its
PRI party.
Secondly
, he
to move
forward
and
tario,
aunque
nohas
haya
contrato,
e incontinue
the Reforms that si
were
originally
dependientemente
el casero
o promotedarrendador
by Presidenttenga
Calderon
(PAN),
such
as the
su propio seguro;
ya
Education Reform, the Energetic Reform, Political
que al efectuarse una pérdida la aseReforms and also to continue and finish the war
del arrendador
les pagará
el
againstguradora
the drug lords.
It would be decisive
to take
seguro,
van legalmente
such steps
and pero
he hassepromised
to do so; en
otherwise, ifcontra
PRI pretends
to
negotiate
with
these
mobs,
de quién resulte responsable
the toll
of el
60kincidente,
plus deathen
during
pastlo6más
years
por
cuyothe
caso
will beprobable
magnifiedesover
of such
que the
sea uselessness
el arrendatario,
tragedies. “EPN” (Enrique Peña Nieto - have to get
familiar with his initials) takes over as president of
the constitutional Republic of Mexico, on Decem-
Briefs of the economy and the Mexican Insurance Industry
The Mexican Economy keeps being strong with international reserves
in a new record high of 145 billion dollars in reserves, steady low inflation of 3.65%, incoming international transfers are up 6.1% to 7,398
million dollars for the 1st quarter 2012.
New employments for the year are 165,000. Unemployment is at
4.8% to which you want or not want to add 8.2% of what we call subemployments which are street sales, taco and food stands, shoeshine
people, garage parking, maids and domestic service, etc… exports are
up 19.32% while imports are 10.3%. the Mexican stock exchange is up
0.28% for the year while the Dow Jones is down 0.81%. instead the
rate of exchange for the pesos against the US dollar is now 13.50 which is almost a 10% devaluation, due to
external factors such as the crisis in the Eurozone: Greece, Spain, Italy, which analysts believe affects more
the emergent economies such as Mexico. Source : Banorte Economic analysis bulletin May, 2012
USA OFFICE
700 S. Flower Street, Suite 1216, Los Angeles, CA. 90017.
Tel. (213) 629-9777 Fax. (213) 629-9779, [email protected]
eMex NEWS
Briefs of the economy and the Mexican Insurance Industry… continue
In the insurance industry notes. A 7.4 Richter
scale quake in our Pacific Coast struck Mexico City
on March 20, being the largest since the one in
1985. So far there are 302 claims valued at 80 milesto!
lion dollars approximately.. very little. The final
figures for the market for 2011 show a written premium of nearly 21 billion dollars against losses of
Siempre tienes que tener tu propio seabout 11 billion a net loss ratio of 52%. The big poguro de responsabilidad civil arrendatential of Mexico is that today only 4.4% of all
tario, aunque no haya contrato, e inhouses are insured, private medical expenses is
dependientemente si el casero o
only 6% people with life insurance is 12.8% autos
are 26% etc… this is a reason why foreign insurers
que al efectuarse una pérdida la asehave been very interested in purchasing insurers in
th
Mexico. So far Mexico is the 14 most important
guradora del arrendador les pagará el
Economy in the world but as % of the gross doseguro, pero se van legalmente en
mestic product is # 64; so there is plenty of room
to grow in the insurance industry if we do more Insurance Culture. Source: Revista Mexicana de Seguros,
El Asegurador
probable es que sea el arrendatario,
Technical Article
AUTOMOVILE INSURANCE MARKET IN MEXICO
(Part I)
In many countries, automobile insurance usually
represents high volume of premiums in the insurance market, cultural and idiosyncrasy reason are
very important for this, but certainly a major one is
that mandatory insurance exists in most of these
countries. Unfortunately, Mexico is one of the few
countries where mandatory automobile insurance is
not mandatory on a Federal level due to the lack
culture of prevention and nearsightedness of our
legislators. Nevertheless, the automobile Insurance
is also one of the biggest for the industry, according
to AMIS (Mexican Association of Insurance Institutions for its acronym in Spanish) during the last five
years (2007 – 2011) the auto insurance market has
grown almost 18%, from $47,447,207.00 to
$55,828,799.00 million pesos but there is still
much to do about this sector in Mexico, where 73%
of the entire vehicle fleet does not have insurance.
Some of the critical factors that help the automobile insurance industry are, high criminality –
people are afraid of their auto being stolen-, high
volume of credit for new or used autos –insurance
is mandatory when an auto is being finance-, and
mandatory insurance in some states.
In Mexico, the majority of the auto insurance products available are very similar; there are only a few
differentiators and the existing ones are very difficult to be measure by the consumer. When something like this occurs, competition focuses mostly in
price.
MEXICO OFFICE
eMex NEWS
The automobile insurance industry is group into four
different mayor categories –Private auto, Commercial Auto, Tourist auto, other auto and mandatory-,
this sector offers a favorable performance to the
overall state of slight contraction that has been affecting our country. The chart shows the distribution
of this sector during 2011.
esto!
Siempre tienes que tener tu propio seThe auto insurance sector represented 20.60% of the
guro de responsabilidad civil arrendatotal Insurance market in 2011 and it was the private
tario, aunque no haya contrato, e inauto category, which contributed the highest percentage of growth in this sector. Private auto insurdependientemente si el casero o
ance sales may be consider the most sensible to the
market due to the fact that the majority of these sales come from sales of new units, that is why, when
que al efectuarse una pérdida la asethe supply-demand relationship changes in the auto industry the effect reflects almost immediately in
guradora del arrendador les pagará el
auto insurance sales.
Auto Sales during the last three years
-Figures in thousand of dollars-
USA OFFICE
eMex NEWS
WHO DOMINATES THE AUTO INSURANCE MARKET IN MEXICO?
There are 32 carriers participating in this sector. The top 5 carriers accounted 66% of the total premiums
¿Eres
arrendatario
de una
casa,
during 2011 and the top 8 carriers accounted 85% of the market,
this behavior
was very similar
during
2010
esto!
Siempre tienes que tener tu propio seguro de responsabilidad civil arrendatario, aunque no haya contrato, e independientemente si el casero o
que al efectuarse una pérdida la aseguradora del arrendador les pagará el
ABOUT THE TOP FIVE CARRIERS
1) Qualitas, insurance company, a company specializing in auto insurance, covering everything geographical territory. Founded in December 1993 by Mexican investors.
2) AXA Seguros, it has been in the market for almost two years –previously ING Seguros- it’s a multi-peril
carrier 100% owned by AXA France.
3) Grupo Nacional Provincial, better know as GNP, its part of one of the largest conglomerates in the
country, GRUPO BAL which includes institutions such as Peñoles, Fresnillo, Bal Holdings, Profuturo GNP,
Mexican Securities House Bolda, El Palacio de Hierro, Agricultural Bal, Bal Technical Administrative.
4) Aba Seguros, operates as a subsidiary of Ally Financial Inc –a banking investment firm from the USA had
been previously bought by the company from General Motors credit division-. It is in process of being sold
and apparently there are number of parties interested in the purchase.
5) Seguro Inbursa, its part of Inbursa Financial Group, one of the leading groups in the Mexican financial
system.
MEXICO OFFICE
eMex NEWS
WHAT CAN YOU EXPECT FROM AN AUTO POLICY?
The structure of an auto policy is very similar between each carrier and all of them will have a different
¿Eres
arrendatario
de una
wording for the Private and Commercial category –covering all
vehicles
registered in Mexico
with casa,
Mexican plates- and another one for the Tourist auto category –covering
all
autos
entering
Mexico
as
tourist,
with foreign plates-.
esto!
The standard basic coverage in the market will provide coverage for third party liability, medical expense, legal assistance and road assistance unless a mandatory coverage for a certain states requires to
Siempre
tienes
que
tener that
tu propio
offer strictly third party liability –as previously explain, there are
not many
states
in Mexico
have semandatory insurance-. Collision and theft can be added to theguro
basicde
coverage
allowing insurers
obtain
responsabilidad
civilto
arrendawhat is commonly know as full package or ample package. Limits,
special
coverage
and
deductibles
tario, aunque no haya contrato, will
e invary depending on each insurance carrier.
dependientemente si el casero o
In Mexico, the majority of the policies will follow the auto, not the driver, special coverage can be obtain
to extend coverage to other autos but it has to be requested and it is only extended to cover liability and
quedoes
al efectuarse
pérdida
la aselegal assistance and varies depending each insurance carrier and
not provide una
coverage
for comguradora del arrendador les pagará el
mercial vehicles or units over 3.5 tons or rented vehicles.
The policy will provide coverage to the named insured or anyseguro,
other person
thelegalmente
insured vehicle,
perodriving
se van
en
who has the express consent. Coverage for physical damage iscontra
extended
the USA
and Canada
and an
de to
quién
resulte
responsable
additional policy will be furnished with a proper US carrier to por
extend
the
liability
coverage
into
the
el incidente, en cuyo caso loUSA
más
and Canada.
In Part II of this article we will go into details on specific coverage available in the automobile Insurance
industry. Understanding the scope of the coverage, limits, deductibles, additional coverages and major
exclusions.
Something to laugh about
“best English school for Mexican people… try this”
These are Chato & Chucho, formerly known for being insurance agents in Mexico, decide they want to cross the border as wetbacks or “pollos
-read:
chicken– as there are lately called, to get to the American dream. After hours
of walking in the Sonora desert, they get there but find some barb wire fence.
After they study the situation, our buddies are anxious to cross, and Chato says
to Chucho: Hey Chucho –this is in Spanish obviously– if you lift up the wire,
real tight, I should be able to sneak through under the wire, so Chucho says: si, si, si, and he proceeds
and then Chato is already on the USA side. Wow how easy! So now, Chucho says Chato por favor now
you do! But Chato is just looking around, big smile, figuring out God knows what, while Chucho screams
loud, Chato, Chato, then all sudden Chato seems to return to earth and says “What???
NO COMPRENDE…
USA OFFICE

eMex NEWS - MacAfee and Edwards

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