The Mexican insurance subsidiary of UK banking giant HSBC (NYSE HBC) sees its premiums growing 13-14% this year, the unit’s head, Andrйs Hammar, told BNamericas.

“Luckily, premiums have been growing strongly in the last 5-6 years, and we even expect this pace to speed up a little this year,” the executive said.

Hammar added that premiums in Mexico have been expanding from a very low base, providing ample room for growth across the industry in the coming years.

HSBC holds 1.8% of Mexico’s total premiums and around 10% of the bancassurance market, according to the executive.

The company’s sole focus on bancassurance sales has helped to shelter its margins from the turbulence of Mexico’s unabated drug-related violence, Hammar said.

The full interview with Hammar will be published in this week’s Insurance Perspectives, for subscribers only.

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