...S&P Global Ratings' Insurance Industry and Country Risk Assessment (IICRA) for the Property & Casualty (P/C) and Health insurance sectors (jointly, non-life) in Mexico (foreign currency: ###+/Stable/A-2; local currency: A-/Stable/A-2) is intermediate risk. This assessment reflects our view of moderate country risk due to relatively low-income per capita levels and weak payment culture and rule of the law. Additionally, it reflects an intermediate industry risk, due to adequate profitability levels, favorable industry growth prospects, moderate barriers to entry, and intermediate product risk. Notably, our assessment takes into account our view that Mexico's insurance industry demonstrated adequate catastrophe risk management, reinsurance protection, and prudent regulatory environment after last year's catastrophic events (Hurricane Katia and two earthquakes). We consider that Mexico's regulatory framework, after its new regulation implementation in 2016, is adequate; nevertheless, its regulatory...
