...Premiums Affected by Biannual Policy: Premiums underwriting for the insurance and surety Mexican sector nominally grew 119% as of June 2015 compared with June 2014. Results are benefited by the renewal of Mexican Petroleum's (Pemex) biannual policy issued June 2015 totaling USD423 million; nominal increment discounting this policy is 5.1%. Fitch Ratings believes growth is favorable for the industry and expects the market to close similar to year-end 2014, which is approximately 5.1%. Growth Benefits Pemex and Others: As of June 2015, the property and casualty branch (discounting auto) grew 19.3% due to Pemex policy renewal, while other business lines also recorded meaningful increases. Autos expanded 5.3% in premiums, supported by the government's decision to make effective the summons for the obligatory auto liability insurance. Life grew 6.2%, followed by accidents and health (5.8%), which benefited from bank credit penetration and development of nontraditional distribution channels in...
