## Escalating Auto Insurance Costs
From December 1, 2018, to July 2024, during the administration of Andrés Manuel López Obrador, automobile insurance premiums in Mexico soared by 69%. This hike significantly outpaced the accumulated inflation, which stood at 39.2% over the same period, according to statistics from the National Institute of Statistics and Geography (INEGI).
Two main factors contributed to this substantial rise: an increase in road accidents and the escalating cost of imported parts required for vehicle repairs. These elements have put considerable pressure on insurance providers, leading to the marked price increases.
Furthermore, data from the National Insurance and Bonding Commission (CNSF) revealed that the acquisition of auto insurance premiums saw a 22.5% increase by the end of the first half of the year. This surge is attributed to a boost in automobile sales in the Mexican market.
## Related News
### Surge in Road Accidents Adds Strain to Insurance Costs
In line with the trends observed in the article above, additional reports indicate a worrying rise in road accident cases in Mexico. These incidents contribute not only to higher premiums but also to increased demand for vehicle repairs, further inflating the costs for insurers and policyholders alike. Recovering from these impacts remains a challenge for stakeholders across the auto insurance industry.
### Imported Auto Parts Prices Climb
The cost of imported car parts has seen a continuous upward trend due to disruptions in supply chains and increased tariffs. This inflation in the cost of repair components directly impacts the auto insurance sector, resulting in higher premiums to cover the elevated repair costs.
Stay tuned to TJGringo.com for more updates and in-depth analysis on this unfolding story.