Mexican Women Remain Underinsured: HDI Seguros

Despite exhibiting similar risk profiles to men, women remain significantly underrepresented in the adoption of property and health insurance products. This disparity is not explained by claims behavior or loss ratios, but by structural and cultural barriers that continue to shape financial decision-making.

“This gap is not driven by risk behavior or claims performance,” says Karina Serrano, Culture and Talent Management, HDI Seguros, to MBN. Instead, income constraints and spending priorities play a defining role. Women are more likely to allocate their earnings toward immediate household needs, particularly when acting as primary or co-primary providers, highlights Serrano. Even when disposable income is available, financial decisions tend to favor short-term, family-oriented expenses over long-term protection mechanisms.

This dynamic reveals a critical imbalance: women actively safeguard their dependents but remain underprotected themselves. This pattern suggests that the insurance gap is not driven by lack of awareness, but by structural conditions that shape how financial decisions are made.

This behavior is reflected in national insurance trends. According to HDI Seguros México, there is still a significant gender gap in patrimonial insurance coverage in the country. Currently, only 33.53% of auto insurance policies and 29.94% of property insurance policies are held by women, meaning that seven out of ten patrimonial policies are contracted by men.

This gap is particularly relevant because it does not correspond to a higher level of risk. In the property insurance segment, for example, female loss ratios (27.77%) are lower than those of men (29.85%). This highlights the importance of strengthening financial protection as a component of women’s economic autonomy, as well as promoting greater awareness around prevention and financial planning.

These conditions are closely linked to broader labor market inequalities. Data from Center for Research on Women in Senior Management (CIMAD) shows that only 61% of women in Mexico participate in paid economic activities, compared to 86% of men — directly limiting access to financial tools such as insurance.

Recent regulatory developments further highlight the structural nature of the issue. Mexico’s Senate has approved a reform to classify gender-based pay disparities as workplace violence, strengthening enforcement mechanisms against labor discrimination. The measure, pending approval in the lower chamber, reflects growing institutional recognition that wage inequality is not only an economic issue, but a systemic barrier to financial autonomy.

According to national statistics, women in Mexico earn substantially less than men across both formal and informal sectors, while also facing lower labor participation rates compared to OECD averages. At a global level, projections from the World Economic Forum indicate that closing the economic gender gap could take more than a century, underscoring the long-term nature of these challenges.

Within this context, financial protection becomes a critical enabler of autonomy. However, traditional approaches that frame insurance as a generic safeguard fail to resonate with women navigating constrained financial realities. “It is not enough to develop products for women; insurers must understand them across different life stages,” Serrano says.

This shift is driving more segmented strategies that reflect evolving needs related to health, caregiving, and financial independence. Maternity coverage, for example, has emerged as an entry point into long-term financial planning by requiring anticipation and structured decision-making. Yet, limiting women-focused solutions to maternity risks reinforcing outdated assumptions. Expanding coverage to include preventive care and gender-specific health conditions remains essential. This requires data-driven design and a deeper understanding of women as heterogeneous consumers with evolving needs.

Technology is accelerating this transition. The use of AI is enabling insurers to generate more precise customer insights, moving beyond traditional indicators such as claims history to incorporate behavioral patterns, life-stage dynamics, and decision-making processes. This allows for more tailored products and improved accessibility. However, the effectiveness of these tools depends on the quality and inclusivity of the underlying data, as biased datasets risk reinforcing existing gaps. When applied responsibly, AI can support both insurers in designing relevant solutions and users in selecting coverage aligned with their specific circumstances, explains Serrano. 

At the same time, communication remains a critical lever. Clear messaging that distinguishes insurance from other financial tools, such as credit, is key to improving adoption. While credit may provide immediate liquidity, it can generate long-term financial strain, whereas insurance offers protection without creating debt, says Serrano. 

Ultimately, closing the gender gap in insurance will require coordinated action across regulation, labor markets, product design, and financial education. While structural change may take decades, targeted efforts — particularly those that address income inequality and access to opportunity — can accelerate progress.