Mexico insurers give update on support for key AMLO initiative

The governing board of Mexican insurer association (AMIS) met Thursday to ratified Manuel Escobedo as president for a third term and received labor minister Luisa María Alcalde for an update on its participation in the administration's high-profile work-study initiative.

When coming into office last December, AMIS was one of the first major trade groups to embrace one of President Andrés Manuel López Obrador's centerpiece social initiatives.

Thanking the AMIS board for its early participation, Alcalde noted the program had already placed 316,659 student interns with Mexican firms and had a further 350,000 registered and waiting for spots.

"We are doing well and we are moving forward very fast with the commitment of the private sector, the social sector and the public," said Alcalde. The program aims to enroll 2.6mn young people by the end of AMLO's term in 2024.

Only days after his election, AMLO announced the multi-billion dollar public-private initiative in coordination with umbrella private sector association CCE, where AMIS is a member.

Dubbed Jovenes Construyendo Futuro (Young people constructing the future), the program involves businesses setting up scholarship-supported internships that would allow students to get job experience while continuing studies, as well as helping to direct these young people towards formal sector employment.

"We are concerned that the current the rate of informality in young people is 61%," said AMIS general director Recaredo Arias at the event, adding, "This means these young people do not have a fixed salary, lack basic benefits and, in many cases, do not have access to quality health services."

Escobedo continues

The AMIS governing board ratified Manuel Escobedo for a third term as the trade group's president for the 2019-2020 period.

"The most important challenge of the industry is to promote a greater culture of insurance in our country, as we want to surpass 2.8% penetration of GDP," Escobedo said in a press release.

Pictured: Labor minister Alcalde (center) addresses the AMIS governing board to discuss the progress of the youth work-study program on April 11, 2019.