Insurers are already feeling the effects of inflation, mainly in car insurance and medical expenses, so this year there will be increases in the prices of these products, reported Juan Patricio Riveroll, president of the Mexican Association of Insurance Institutions. (TO MY).

Inflation, which in the first half of June was 7.88%, has caused an increase in the prices of auto parts and also in medical supplies. The impact of inflation in the insurance sector is reflected in car products and medical expenses.

For example, the representative of the insurers explained that in car insurance, the effects of inflation are related to the increase in the costs of auto parts reinforcements, which raises the amounts to be compensated when it comes to repairs for damages in the vehicles.

In the case of medical expense insurance, where inflation is always higher, an impact on prices is also reflected. In these products, in addition to the effects of general inflation, we have medical inflation due to technological advances, new medications, treatments, etc. So, in this branch is where we are suffering the most, ”he said.

During the presentation of the new Condusef car insurance simulator, he clarified that the variations that will be seen in the prices of insurance products will be small and will occur throughout the year.

Who will it impact?

For example, for people who have valid car insurance or medical expenses, there will be no effects until they renew their policy.

“The increase in costs will happen over time, but it is already being reflected, for sure, at this moment the impacts are small, but they will occur throughout the year and if someone has valid insurance it does not have an impact until renew the policy”, he emphasized.

For her part, Norma Alicia Rosas, general director of AMIS, explained that the association is respectful of the decisions made by each insurer regarding their coverage and prices.

“At AMIS we do not have price information, this corresponds to each of the associates, who base the cost on their market experiences and claims, and above all in accordance with the principles of competitiveness. It is important to highlight that the cost responds to various factors that allow to establish the price”, he emphasized.

Oscar Rosado, president of the Condusef, explained that it is important that people have knowledge about the products that exist in the market to protect their assets and that is why the car insurance simulator that is available on the commission’s website will help that people know the products better and have access to affordable prices.

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