Compensations for Otis exceed 11 billion pesos

The Mexican Association of Insurance Institutions (AMIS) reported that the first compensation for him hurricane Otis in Guerrero amount to 11 thousand 424 million pesosa figure that will have adjustments later based on some valuations that are in progress.

According to the organization, to date, the sector has registered 12,035 accidents, of which 49% correspond to damage insurance policies and 51% to auto insurance.

He highlighted that one out of every three pesos of the estimate of losses due to damage claims corresponds to insured housing assets, reaching 3,896 insured claims already in the process of attention.

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Regarding the hotels, he explained that at least 82 incidents have been registered that have coverage for hydrometeorological risks, for which advances and advances in payments of some coverages have already been made for 58 million pesos.

He said that in this area, the first estimates of damage already valued They are around 2,122 million pesos.

In addition, it reported that progress has been made in valuations and advances in at least 1,352 insured assets corresponding to companies, shopping centers, restaurants and other lines of insured economic activities.

In Mexico there are 32 insurers that at the end of the first half of 2023 operate hydrometeorological risk coverage and there are 30 companies that operate auto insurance.”

Furthermore, he stated that The sector has recorded damage to the first 111 insured vesselsin different types of damages and coverage.

In this sense, he pointed out that in Mexico there are 23 companies that insure ship and airplane hulls.

Insurers have also already registered claims to the state government's infrastructure, of which the first valuations, still in progress, reach around 945 million pesos.

Norma Alicia Rosas, general director of AMISrecalled that insurance is a key tool so that families, companies and the government have the ability to overcome the damage caused by phenomena such as Otis.

In the case of the two municipalities most affected by this category 5 hurricane, the strongest that has ever hit the coast of Guerrero, Acapulco de Juárez and Coyuca de Benítez, where the population generates its main economic activity through tourism, the “Insurance becomes a key tool to accelerate reconstruction.”

He pointed out that the insurance industry has three times the level of solvency required by the Mexican regulationso it is strong and solid to respond to the commitments it has made.

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