Two weeks after Hurricane Otis in Acapulco, Guerrero, compensation for damages is estimated at around 11,424 million pesos, revealed the Mexican Association of Insurance Institutions (AMIS).
This amount exceeds the little more than 10,400 million pesos that the seven national political parties will spend next year.
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According to the agency, this amount is the result of the first estimates of the insurers and will be adjusted based on the valuations that are still in progress.
In a statement, AMIS detailed that so far the insurance sector has registered 12,035 claims, of which 49 percent correspond to damage policies and 51 percent to auto compensation.
Keep reading: Insurers will provide advances to accelerate Acapulco’s recovery
“The insurance industry has three times the level of solvency required by Mexican regulation, so it is strong and solid to respond to the commitments it has acquired,” the institution stressed.
Regarding hotels, 82 incidents have been registered that have coverage for hydrometeorological risks, and payments of 58 million pesos have already been made.
In this sector, AMIS specified, the first valuations are for approximately two thousand 122 million pesos.
On the other hand, the association highlighted that there are 111 vessels insured with different types of damages and coverage, while claims to the state government’s infrastructure have already been attended to, of which the first valuations are for around 945 million pesos.
With the first compensation estimates released by AMIS, Hurricane Otis in Acapulco, Guerrero was placed among the 10 most expensive incidents for the insurance sector in Mexico.
In particular, Hurricane Otis would be ranked eighth among the most expensive disasters in the country, below the earthquake of September 17, 2017, according to historical industry data.
This list is headed by the Covid-19 health crisis, with just over three thousand 472 million dollars, and also includes other catastrophes such as Hurricane Wilma in 2005, with two thousand 675 million dollars, or the 1985 earthquake, with one thousand 99 million dollars.
“In the face of phenomena such as Hurricane Otis, insurance becomes a key tool so that families, companies and the government have the ability to move forward more quickly and efficiently,” highlighted AMIS.
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The Mexican government also has other insurance mechanisms to deal with damages caused by natural disasters, such as the contracting of a catastrophic bond that has coverage of 485 million dollars.
Recently, the Undersecretary of the Treasury, Gabriel Yorio, reported that Mexico could receive up to 60 billion dollars from said catastrophe bond. He explained that the government is waiting for a ruling that will define the final amount that will be received after said catastrophe, in which the magnitude of the damage, category of the hurricane, among others, will be evaluated.
2023-11-17 11:00:00
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