Grupo Damosal to Launch Insurance Package for Young Adults

As Mexico struggles to provide adequate healthcare for its population, Grupo Damosal introduces a new gateway for those between 20 and 25 years of age to save time and money.

“Grupo Damosal, a Mexican insurance consulting company, is preparing a coverage package to reach the underserved segment of young people between 20 and 35 years of age in Mexico who do not have any type of medical or life insurance. The company plans to achieve this through exclusive products, guidance with totally personalized attention, accompaniment at all times and affordable prices within the insurance industry,” explained Grupo Damosal.

Through this product, Grupo Damosal seeks to become a gateway for a struggling segment of the population. The company will offer time and money saving solutions with various products and coverage, presenting its customers a new opportunity to ease their coverage struggles. The company has announced alliances with some of the most important insurers in Mexico: GNP Seguros, Zurich, Qualitas, ANA Seguros, Allianz and Seguros Atlas, among others.

Grupo Damosal is also keen to launch a Major Medical Expenses insurance for all alumni of any Mexican university, reducing costs from 30 percent to 40 percent in comparison to contracting the same insurance individually. The company explains that only 20 percent of the Mexican population has car insurance, which represents a major growth opportunity for the company, it said on its LinkedIn page. Grupo Damosal currently offers car insurance, home insurance, medical insurance, investment insurance, life insurance and business insurance according to its official website. It also offers several options for customers to acquire the most adequate product to fit their needs.

The insurance industry was severely hit by the COVID-19 pandemic but is expected to recover soon, said Héctor Santana, Head Insurance, Pensions and Social Security Unit, Ministry of Finance and Public Credit (SHCP), as reported by MBN. Deloitte reports that insurance companies in Mexico have paid about MX$60 billion (US$3 billion) in medical expenses. In 2021, the industry saw MX$38 billion (US$1.9 billion) in profits, a 28.7-percent drop against 2020. However, in 1Q22, profits increased by 12.5 percent to MX$12 billion (US$600 million), reported El Economista.