Compensation for Otis totals 11 billion pesos – El Sol de México

Two weeks after Hurricane Otis in Acapulco, Guerrero, the compensation Damage is estimated at around 11 thousand 424 million pesosrevealed the Mexican Association of Insurance Institutions (TO MY).

This amount exceeds just over 10 thousand 400 million pesos that the seven national political parties will spend next year.

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According to the organization, this amount is the result of the first estimates from insurers and will be adjusted based on valuations that are still ongoing.

In a statement, the TO MY He explained that until now the insurance sector has registered 12 thousand 35 accidents, of which 49 percent correspond to policies of damage and 51 percent to compensation of cars.

Keep reading: Insurers will provide advances to accelerate Acapulco’s recovery

The insurance industry has three times the required level of solvency 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 have already been made for 58 million pesos.

In this sector, he specified the TO MYthe first valuations are for approximately two thousand 122 million pesos.

On the other hand, The association highlighted that there are 111 insured vessels with different types of damages and coverage, while claims to the infrastructure of the state government, of which the first valuations are for around 945 million pesos.

With the first estimates of compensation disclosed by AMIS, Hurricane Otis in Acapulco, Warrior was placed between 10 most expensive claims for the insurance sector in Mexico.

In particular, Hurricane Otis would rank eighth among the most expensive disasters in the countrybelow the earthquake of September 17, 2017, according to historical industry data.

This list is headed by the Covid-19 health crisis, with little more than three thousand 472 million dollarsand also includes other catastrophes such as Hurricane Wilma of 2005with two thousand 675 million dollars, or the 1985 earthquake, with 1,99 million dollars.

“In view of phenomena like Hurricane Otis, insurance becomes a key tool so that families, companies and the government have the ability to move forward more quickly and efficiently,” AMIS highlighted.

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The government of Mexico It also has other assurance mechanisms to deal with damages that generate natural disasters, such as the contracting of a catastrophic bond that has a coverage of 485 million dollars.

Recently, the Undersecretary of the Treasury, Gabriel Yorioreported that Mexico could receive up to 60 billion dollars from said catastrophic bonus. He explained that the government is waiting for a ruling that will define the final amount that will be received after said catastrophein which the magnitude of the damage will be assessedhurricane category, among others.

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