Mexico is on everybody’s lips right now, and not just because it is one of the trendiest places to go on holiday. Companies across all sectors are clamouring to invest in Mexico, begging the questions why is Mexico the hottest country to invest in at the moment? Earlier this month, Natalia Zaborovska caught up with Peter Weber from Proteccion Dinámica, Agente de Seguros y de Fianzas, our co-broker in Mexico to find out.
Zaborovska: Hi Peter, let’s kick-off by introducing you to our readers. Please can you tell us a bit about yourself?
Weber: Of course.I was born in Mexico with German ancestry. I have been working in the insurance industry for almost 25 years with the following Licenses: Big Risks with TIV over 100 Mio USD, Reinsurance and Hull, Credit Insurance, Crop – Livestock and Bonds. I currently work as a Professional Insurance Advisor and I head-up the international division at Protección Dinámica, Agente de Seguros y de Fianzas, S.A. de C.V. where I’m also a Partner. I’m proud to say I speak and write fluently in Spanish, English and German.
Zaborovska: So, what is Proteccion Dinámica, Agente de Seguros y de Fianzas and what is its focus?
Weber: Nowadays, our firm is considered one of the top 10 largest insurance agents in Mexico offering a personal service for all P&C Insurance as well as employee benefits.
It first started as a small family business that carried the name of its founder Erich Vogt but in 2001 changed its name to Protección Dinámica, Agente de Seguros y de Fianzas, S.A. de C.V. This year we’re celebrating our 68th anniversary, and, like GrECo, we are proud to still be a family-owned business. Currently, Elisabeth Vogt, the founder’s daughter, is our CEO and she is carrying on the values and know-how of the first generation. We even have members of the family’s third generation moving up through the ranks of the company.
In addition to supporting, advising and securing insurance for Mexican organisations at home, we advise and secure insurance for international companies with headquarters abroad who want to establish, or have already established a subsidiary in Mexico, and vice versa.
In January 2023 we became one of GrECo’s newest nova partners, and we are proud and grateful to start this new relationship.
Zaborovska: You’ve touched briefly on your role within the organisation. Please can you tell us a bit more?
Weber: I am the International Director and I work diligently with my team of 12 in the international division. My role is to work closely with our international partners and in-house brokers and risk managers to tailor solutions for their specific needs, supporting them throughout the whole process. We distinguish ourselves by providing excellent customer service, which has secured us ongoing relationships with some clients for over + 60 years! It has also meant, over the years, that we have been able to increase both personal and business lines. We focus on always providing our clients with a wide range of integrated services which solve their problems, offer the best solutions, and the best cost-benefit without sacrificing quality.
Zaborovska: OK, and on to the burning question [no pun intended!] why is Mexico so hot right now? What makes it a unique place for investors and insurance brokers?
Weber: Where to start? There are so many reasons. On the international scene and according to a new index from the World Travel and Tourism Council (WTTC), Mexico is in the top 10 most visited countries in the world, with approximately 113 million visitors per year. In addition, with a population of almost 130 million it is among the 10 most populous countries in the world. That, coupled with its rich cultural history due to its great diversity, favourable geography, and abundant natural resources, means it is one of the 15 largest economies globally and is second largest economy in Latin America. It has solid macroeconomic institutions and is believed to be one of the best countries to trade with, offering some of the best investment opportunities. When you’ve got all that on your side, what’s not to love?
Zaborovska: What about the Mexican economy? Hasn’t COVID-19 had a negative effect?
Weber: The Mexican economy grew 4.8% in 2021, after an 8.1% drop the previous year due to the COVID-19 pandemic. Its recovery is slow but steady with a forecast to grow 2% in 2023. Mexico’s growth is supported by its willingness to trade, and a solid manufacturing export base connected to global value chains integrated with the United States.
According to INEGI data, there are some specific economic sectors in Mexico that have helped the post-pandemic recovery: Tourism has had a big impact and the service sector is predicted to be the main economic driver during the first quarter of 2023. With regards to the industrial sector, after the recovery in 2021, the growth rate has stabilized, although for some sectors this has not been favourable. Mining, for example, is practically stagnant, and electricity and water suppliers have not yet recovered. Manufacturing has already recovered to its pre-pandemic levels, but in 2022 its growth was more moderate, barely 5.5%. In the case of remittances, they have maintained constant growth in recent years and the Mexican economy received a record of 58,497 million dollars in remittances in 2022 – an increase of 13.4% compared to 2021. According to a report by the Bank of Mexico BANXICO remittances compete with automotive exports as the main source of foreign exchange for Mexico.
Zaborovska: Sounds positive. Is there anything companies wanting to invest in Mexico should be aware of?
Weber: Definitely! Mexico has beautiful ecosystems and natural landscapes, but they come with high natural disaster risks. The threats of earthquakes, floods, droughts, and volcano eruptions are omnipresent, making it essential for any organisation in Mexico to have the right coverage and insurance policies in place, especially as climate change continues to exacerbate these issues further.
Zaborovska: Nearshoring is currently a popular strategy for businesses, how has it affected the business environment in Mexico?
Weber: The very nature of nearshoring – when a company transfers all or part of its operations to a nearby country that has a similar time zone, good cost-quality ratios, and cultural similarities – makes Mexico a prime location. Currently Mexico is number one in Latin American nearshoring with real estate as the greatest participating sector. It has an occupancy rate of 97%.
Zaborovska: Why is that?
Weber: Because Mexico is strategically positioned, a location that cannot be missed, even more so within the context in which it exists. Being neighbours with the United States of America, which is the largest exporter worldwide, means Mexico has great opportunities for better infrastructure and the use of existing fast and secure supply chains. However, real estate isn’t the only sector grasping nearshoring opportunities in Mexico with both hands. Many different industries are snapping up the opportunities to nearshore here. The most prolific industry is automotive. In January 2023 automotive companies announced that nearshoring investments in Mexico will amount to a total of circa US$2.5 billion (data from Datamétrica-Aporta).
Zaborovska: What’s the insurance market landscape like in Mexico? Can you go into more detail for us?
Weber: It’s all go in Mexico! The country has positioned itself as one of the main leaders in the insurance business in Latin America, despite the global economic context. To ensure growth, there have been some changes in insurance regulations and laws in the last few years. The purpose of which is to improve the service given and the accountability of all parties involved, as well as reducing risks and assuring the solvency of institutions to prevent the risk of bankruptcy. There have also been successful efforts to implement technology, create Insuretechs, and adapt to new customer demands, plus raise awareness of the benefits of having an insurance policy.
Almost three years after the COVID pandemic, Mexico boasts the second largest claims in history – second only to Hurricane Wilma – with 2.8 billion USD paid in medical and life coverages. During this difficult time, insurance agents in Mexico became the most important channel for selling insurance policies and advising their clients correctly.
Zaborovska: Lastly, can you summarise in a nutshell what role your company plays in ensuring successful business in Mexico for anyone looking to invest here?
Weber: Mexico has a diverse market where there are multiple options for products, coverage, and costs; and as an insurance agent we have the important task of advising clients on how best to select and manage these. In Mexico we are aware of the importance of having good risk management, and many people are seeing the benefits of having insurance during difficult times, this allows us to visualize significant growth in the insurance sector.
Zaborovska: Thank you for your time Peter, we’re looking forward to working with you.
Weber: Thank you and likewise. We look forward to nurturing a prosperous relationship with all of GrECo´s Partners around the world.

Peter Weber
Proteccion Dinámica, Agente de Seguros y de Fianzas

Natalia Zaborovska
Group Head of International
T +61 44 777 9001
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