Seguros Banorte auto insurance: everything you need to know
In Mexico it is mandatory to have auto insurance to drive on federal highways.
That is why in GUROS we have a guide so that you know in depth what are the options for your auto insurance in the Mexican market. To do this, we use the ratings that the Condusef has awarded to insurers, among other factors, so that you have the most relevant information before making a decision.
In this case we will analyze Banorte's auto insurance.
1. Auto insurance from Seguros Banorte
1.1 Types of vehicles covered by Banorte's auto insurance
In the first place, it is important that you know that Banorte is the only commercial bank (among the six largest institutions in the country) managed by 100% by Mexican executives. Within its portfolio of services is auto insurance.
The vehicles that cover the Banorte auto insurance are:
- Light trucks
- Heavy trucks
- Tourist Cars
1.2 Uses that Banorte's auto insurance covers
Banorte's auto insurance protects the vehicles mentioned above, provided they are used as:
- Vehicle for Private Use: Intended to transport people, household goods or non-purpose merchandise profit.
- Commercial Use: Used for daily rent, public or private transportation of people, merchandise and / or cargo for profit, or public, private or emergency security service.
1.3 Packages and Coverages of Banorte's auto insurance
Seguros Banorte offers the main packages for auto insurance in Mexico, with the following coverage and insured amounts:
Rating of the mandatory insurance of Seguros Banorte
3.7 (Place 19 of 23)
The Condusef supervises the quality of the Mandatory Auto Insurance product, or Mandatory Civil Liability Insurance, a basic coverage to protect damages caused to a third party and medical assistance in the event of injuries in an accident.
Based on this insurance, the Condusef Financial Entities Bureau designed a matrix to rate the different insurers for the service they provide. Among the factors analyzed, the following are considered: the claims established by the insured, their degree of satisfaction, the penalties to which the company has been credited and the follow-up to the observations issued by the Condusef.
Banorte's compulsory insurance obtained a qualification of 3.7 points of 10 possible in the last evaluation performed (2014), to locate at position 21 of the total of 23 companies evaluated.
Maybe you are interested in knowing: How compulsory insurance works.
1.4 Deductibles and insured amounts of the Banorte auto insurance
The maximum amount of compensation for the main coverage of the Banorte insurance (insured amount), as well as the proportion, either in percentage or fixed amount, with which you as the insured have to participate in each loss (deductible).
For Banorte auto insurance, the most frequent insured amounts and deductibles are:
1.5 General conditions of Banorte auto insurance
Here you can review in detail the general conditions Banorte auto insurance, with the basic, optional and exclusions coverage offered by the banking institution.
1.6 How much does Banorte's auto insurance cost with the 10 best-selling car models in Mexico?
In GUROS we create a comparison with the cost of the policies of the 10 best-selling models in Mexico . For the above we always use models 2018, with an annual payment method and in the Postal Code 06600, from the Juárez neighborhood in Mexico City.
1.7 Insurance telephone number for Claims Banorte
The insurance telephone number for Claims Banorte throughout the Mexican Republic is: 01 800 500 1500 .
1.8 Other insurance and coverage offered by Seguros Banorte
In Seguros Banorte's product portfolio there are other types of products, among them:
- Life insurances
- House room
- Medical expenses
- Funeral protection
- School accidents
- Standardized accidents
- Hospital plans
Its products are offered through different distribution channels, for example, the branch network and the channel of agents and brokers.
Banorte has a total of 113 products in the Register of Insurance Adhesion Contracts (RECAS) of the Condusef, 13 of them in auto insurance:
- Banorte complementary auto insurance
- Compulsory vehicle liability insurance
- Basic protection insurance
- Motorcycle insurance
- Insurance support in total loss due to damages
- Standardized basic auto insurance
- Car insurance
- Car tourist
- Public service car insurance
- Auto insurance
- Heavy truck insurance
- Border cars
- Light truck insurance
2. General information of Grupo Financiero Banorte and Seguros Banorte
2.1 History and general data
Banorte was founded in 1899 in the city of Monterrey, where it operated as a regional bank until 1992. In that year, when banking in Mexico was privatized again, the bank was acquired by a group of Mexican businessmen.
Currently operates as “Grupo Financiero Banorte” (GFNorte) and offers different financial services: brokerage house, pensions and insurance, Afore, investment funds, leasing and factoring companies, as well as a warehouse .
At the close of June 2018, GFNorte manages $ 128 $ 1 billion in assets under custody, the second being largest financial group in Mexico.
For its part, Seguros Banorte , formerly Seguros Banorte-Generali, is also currently a Mexican firm that covers insurance and reinsurance in the fields of: life, accidents and illnesses, automobile and damages (civil liability, risks professionals, marine and transport, fire, agriculture).
It was originally formed from the partnership between Grupo Financiero Banorte and the Italian insurer Assicurazioni Generali. In 2013, Banorte Ahorro y Previsión took control of the company at 101%.
The 13 July 2018, Grupo Financiero Banorte merged with Grupo Financiero Interacciones, which added this portfolio to its assets and strengthened its position in the Mexican insurance market.
From 2006 Grupo Financiero Banorte began its operations in the US, with the acquisition of several companies with different financial activities. In addition, it had a service office in the Philippines, but it was sold on 31 March of the activities of its policyholders in the USA.
Your operation in Mexico serves 21 million customers, with a thousand 148 branch offices .
2.2 Financial information of Seguros Banorte
In terms of insurance, Banorte is among the first 10 country companies, with the exception that its capital is completely Mexican.
Premium volume (all lines)
Banorte achieved a production of $ 21, 711 million pesos, to the last quarter of 2017 across your entire portfolio. Of these, $ 5 million 0 23 thousand 196 pesos were from the car industry, As indicated by the report by the National Insurance and Bonding Commission (CNSF).
Seguros Banorte achieved a net profit of $ 4 thousand 059 millions 300 thousand pesos, at the end of the year 2017. In the automobile part, the institution achieved a combined technical index of 94%.
Ranking in the Mexican insurance sector
Banorte is the eighth largest insurer in the country among the 83 companies available in the market. Currently, it has a market share of 4. 53% of the Mexican insurance sector. In the automobile branch specifically, Banorte ranks 6th out of 33 insurance companies with the 4. 88% of auto policies in the country.
Loss ratio of Seguros Banorte
In the last quarter of the previous year, Seguros Banorte paid $ 17 millions 128 thousand 0 11 pesos for claims . The loss ratio (that is, the ratio of total claims paid to premiums earned) was 78. 94%.
In the auto branch, the insurer paid $ 3 million 774 thousand 700 pesos, of the amount indicated above, with an index of 75. 15%.
Financial rating of Banorte and Seguros Banorte
The certifications that guarantee the financial strength of Grupo Financiero Banorte and specifically Seguros Banorte are:
- BBB by the house Fitch , which indicates a Negative Observation (ON) note pending the result of the merger with insurance Interacciones.
2.3 Quality of care and level of service of Seguros Banorte
User Service Performance Index (IDATU)
To evaluate the quality of the insurance service, Condusef designed the User Service Performance Index . In this list, Seguros Banorte achieved in the 2017 a rating of 6. 23 points out of a maximum of 10, to stay in place 29 of 80 insurers operating in Mexico.
For its part, Interactions had a score of 9. 50, to be placed in an outstanding 9 place of the same list.
While the Condusef attended in 2017 a total of 2 thousand 502 claims against Seguros Banorte, in all lines, more than half of them, for issues related to auto insurance, for the following reasons:
- Refusal to pay compensation
- Disagreement with the time for the repair of the affected property
- Disagreement with the time for the payment of compensation
Number of claims in claims
Seguros Banorte is the fifth insurer with the highest number of claims against Condusef in the automobile industry, among 81 insurers analyzed .
From this total of claims, another statistic can be obtained to find out how many claims that were attended by Banorte caused disagreement with users and reached the Condusef. This statistic is known as the claims ratio and includes the total claims in all bouquets (309 thousand 662) and the claims analyzed by the Commission (2 thousand 502). The figure obtained is 0.8%.
Claims submitted on total claims attended
Regarding the claims ratio, Seguros Banorte is in the average among other companies included in this GUROS study: Zurich (0. 52%) , GNP (0.9%), Mapfre (0.7%), Quálitas (0.3%), Chubb (0.3%), ANA Seguros (0.1%).
For these claims, Seguros Banorte was creditor to 23 sanctions during the 2017, equivalent to $ 726 thousand 157 weights, excluding that the reasons for said sanctions were known.
Average valuation of adjusters
Condusef has another important rating on the level of service of the insurers, relative to the performance of the adjusters . In this matter, Seguros Banorte obtained a score of 3.8, to place itself in the place 10 of 26 companies.
2.4 Added values of the auto policy of Banorte Insurance
These are the services at no additional cost provided by the Banorte auto insurance policy:
- Support in total loss due to damages (financial support)
- Standardized basic insurance
- Obligatory insurance
- Complementary car (extends coverage of the policy you have, regardless of the company)
Additional coverage of Banorte's auto insurance:
- Death of the driver by car accident
- Premium services
- Substitute car for total theft
- Substitute car for total loss due to material damage
- Eliminate deductible / refund premium for total loss and for material damage to cars and pickup
- Eliminate deductible / premium return for total theft
- Special equipment and / or adaptations and conversions
- Civil liability for trailer towing
- Civil liability for cargo damage
- Occupants liability
- Funeral services
- Continuous agency auto (agency repair for cars up to 15 years of antiguaty)
- Partial theft
- Secure rim
- Guaranteed value , (the insured sum of a car of up to 24 months old, the sum insured will be the difference between the invoice value and the commercial value of the vehicle)
- Continuous attention
- Protected bag (violent robbery of purse, briefcase or backpack inside the car, when the insured is inside the vehicle)
- Driver assistance
Seguros Banorte mobile application
It is a tool available in Android and iOS that allows you to: easily and safely report claims, view and download your policy , access to additional promotions for car care, directory of agencies and workshops.
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