What are the types of insurance in Mexico?


What are the types of insurance in Mexico?

The classification of the different classes of protections that exist in Mexico is governed based on the Law of Insurance and Surety Institutions, according to this document, insurers or mutual societies in the country can be organized based on three large operations: Life, Accidents and Illnesses Y Damage, from which in turn various types of policies are derived.


Life policies are indemnities that are given to the insured’s family or beneficiaries in the event that he or she dies, becomes disabled or due to retirement. Being the fundamental requirement so that they are valid that the contract is in force.

Some have benefits such as: savings possibilities depending on the time the insurance was had, others apply discounts for women and non-smokers. They also give a discount with an interest percentage at the end of the contract term or do not charge surcharges for making installment payments of the annual premium. They also have the option of an advance of the sum insured for terminal illness.

Based on the Federal Consumer Prosecutor’s Office (PROFECO), among the main life insurances are the following:

Temporary Policy

It is characterized because 100% of the insured sum is for death and its validity is for the specific time that it was contracted. If the contractor dies during this period, the beneficiaries receive the accumulated amount, but if he survives, the institution does not return the money invested.

The amount of the payments, whether annual, semi-annual or quarterly, remain the same during the term of the term, at the end of this, the insurer recalculates the value of the premium depending on the age of the insured and his state of health. Another characteristic is the hiring term, which can be five, ten, 25 years or of advanced age (between 60 or 65 years).

Ordinary for life or for life

This coverage lasts for the entire life of the contractor or insured. Among its main benefits, the payment for death or survival stands out, the latter in case the insured reaches 99 years of age, then he receives the entire insured sum. Also, some insurances offer discounts for healthy habits and for being in excellent health.

Endowment Insurance

In the insurance market, this product is characterized by having two functions: protection and savings. This policy is understood as the combination of protection in the event of death and survival coverage, which is the amount that the contractor receives in the event of not having died at a certain age, which corresponds to the total amount insured. One of its most attractive benefits is the possibility of investing and saving since some institutions offer rates of return that increase the personal capital conserved.

Medical Expenses and Illnesses

It is a branch of insurance specialized in offering coverage for unexpected illnesses and injuries that may represent a low or high risk to people’s health. Policies of this type are:

Major medical expenses

Covers the injury or disability that affects the personal integrity or health of the insured caused by an accident or illness. This protection protects the insured or the beneficiaries with the expenses, mostly hospital; supports with medical care, surgical interventions, medications, clinical tests, X-rays, etc., according to what is agreed in the policy.


This protection also popularly known as minor medical expenses It has a broader coverage than that of major expenses because it includes medical care that ranges from preventive medicine, first contact medicine and hospital care. This means that it covers expenses with specialists, simple laboratory tests, medications, treatment and emergency services. They are generally focused on the prevention and preservation of health.


The policies of this branch are characterized by being a protection for the insured’s real estate, it can be a house, a company or a small business. It also includes the objects inside these, the loss of an economic return obtained by a specific activity and the Civil Liability incurred by the beneficiary in the event of unintentional damage to the properties of a third party, as well as in the deterioration of their health. or death of them.

The most popular insurance marketed in the country in this sector are:

Civil liability and professional risks

It protects with the payment of the damages caused by the insured to people and properties derived from an accident such as fire, injuries to people as a result of the development of their commercial or professional activities, or for the consumption or use of any product made by the company to office; the detriments for the services provided in the execution of works, participation in fairs, derived from the activities of its personnel and damages due to the use of equipment and machinery that it uses for its tasks.

Auto insurance

It protects a vehicle from any accident that could affect it and is a financial support for the driver that prevents an unforeseen and high cost in his economy. The most common coverages of this policy are compensation for Total Theft of the car, Civil Liability for damages caused to third parties in their property and people, support in the payment of Medical Expenses to Car Occupants and Legal Assistance.

Home Protection

It is a policy that helps to protect the property of the house from unexpected and expensive accidents, that is, it is a support that reduces the expenses to be covered caused by fires, earthquakes, floods or theft. It also protects belongings inside the home such as furniture and accessories. This type of insurance can be contracted by owners, tenants and landlords.

Other insurances stipulated by law and that belong to the category of Damage are:

to) Maritime and transport; It protects the detriment of the properties or merchandise suffered as a result of moving it to another place.

b) Fire; covers damage caused by fire on insured objects.

c) Agricultural and animal; protects various types of livestock and crops in each production cycle against the risks of fire, drought, pests, diseases and predators, among others.

d) Credit; It protects when the insured has had losses as a result of its debtors.

and) Caution; it is a protection for when the insurer breaches its obligations under the damage contract.

F) Home credit; According to the Federal Mortgage Society, this insurance consists of a coverage through which the owner of a mortgage loan (Financial Intermediary, investor, etc.) transfers part of the credit risk (default of payment of the final borrower) to a third party.

g) Financial guarantee; It is a protection for lenders of financial products such as loans, mortgages and rentals, which obtain financial support in the event that customers do not return the borrowed money. There are three types: Mortgage, Guarantee, Bond or Pingnoración.

h) Catastrophic risks; supports against one-of-a-kind events that involve large economic costs and a massive or collective loss of 2 or more assets and 3 or more lives. This type of coverage is reinsurance, since many times the insurance institutions could not solve the risk classified as “catastrophic” on their own.

i) Various; are those policies that from the point of view of the Mexican insurance sector cover very specific risks. For the National Insurance and Surety Commission (CNSF), the “diverse” insurances are: Robbery with Violence and Assault; Money and securities; Glass Breakage; Boilers and vessels subject to pressure; Machinery Breakdown Insurance; Mobile heavy machinery and contractor equipment; Electronic equipment; Assembly of Machinery; Civil Works under Construction and Civil Works Completed.

j) The specials; It is a financial resource that is provided to mutual or insurance companies to protect themselves from risks ruled by the CNSF as “special” and consists of a coverage that is a private trust.

How to choose insurance?

Experts recommend that the best way to choose a policy is compare, so you can find the cheapest and the one with the greatest benefits. And although making a contrast between the products of insurance companies may seem somewhat time consuming and complicated, nowadays new technologies such as Rastreator have made it easier for people to make an important decision such as finding coverage to protect the life of loved ones and heritage.

It should be noted that although the Rastreator portal, your insurance comparator, currently only quotes auto insurance, through this type of tools users obtain a complete view of the products that exist in the insurance market, since they can see the contrasts of the coverage offered by each insurance plan, as well as obtaining the benefits of finding sufficient information, transparent and impartial to make the best choice.

On these platforms, users answer a questionnaire simple and in a couple of minutes, view the list of policies that interest them. The service is totally gratuitous and shows the prices of the cheapest insurance on the market. They are also 100% secure as they are governed by strict rules for the protection of personal data of surfers.


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