Posted on Oct 07, 2010 by Sergio Ulloa
The newly appointed CEO of Willis Mexico, Hilaire Damiron, believes the insurance market is poised for growth in the coming years, despite the many problems the country currently faces. Among the many maladies compounding the current situation in Mexico are; the detrimental impact to the economy by the global financial crisis, a flu pandemic, a drug war and natural disasters, including several hurricanes that have caused extensive damage to important highways and rail-road links.
Willis Mexico used to report to Willis International and is now reporting to Willis North America. Mr. Damiron, who worked for 12 years in the insurance market of Brazil, bases his insurance market growth predictions on his observation that Brazil a decade ago, before becoming a major emerging market, was in a situation much like the one Mexico faces now.
Hilaire Damiron served as interim CEO since August 2009 before being recently promoted to CEO of Willis Mexico. He said "In the two years I've been in Mexico, I'm seeing the same path that Brazil took 10 years ago. It has the same potential. There are a few things that are slowing down the growth potential, but if the economy grows in 2011, you will have a growing trend and more speed."
Damage done to property by the hurricanes affecting Mexico this year was relatively low, although back in June 2010 hurricane Alex did cause severe damage to important transportation links, the extent of which is even forcing the revision of the projected GDP growth rate downwards from the previously expected 5 percent for 2010.
The economic market in Mexico is facing challenging times and a soft insurance cycle is affecting the insurance market, augmented by the growing violence related to the ongoing and much-publicized drug war. This current wave of violence in Mexico is prompting local and foreign business alike to seek risk management services, creating a noticeable demand that didn't exist five years ago.
Willis Mexico has its headquarters in Mexico City and locations in the cities of Guadalajara, Monterrey and Ciudad Juarez. Willis North America has now effectively extended its reach in the American continent through Willis Mexico, reflecting the growing economic links between Canada, the United States and Mexico, established by NAFTA, the North America Free Trade Agreement implemented back in 1994.
Willis Group Holdings is listed in the New York Stock Exchange (NYSE) and has presence in 123 countries.
Insurance Company mentioned:
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world.