Hurricane ‘John’ caused damage in areas with fewer policies, AMIS reports

Aguascalientes, Ags. Although there is no estimated amount yet, insurance companies will pay less compensation for the damage left by the hurricane. John in Guerrero compared to Otissince in the affected areas there is less penetration of these instruments, said Juan Patricio Riveroll, president of the Mexican Association of Insurance Institutions (AMIS).

In an interview in the context of the 30th Foreign Trade Congress, organized by the Mexican Business Council for Foreign Trade, Investment and Technology (Comce), the manager commented that so far this sector has paid 75 percent of the insurance policies for the damage caused by the hurricane Otis in October of last year.

“John In reality, to our associates, it did not cause major damage, because the floods were unfortunately in areas where there is little insurance penetration and there was also much more damage to the infrastructure, both roads, streets, etc.,” he said.

“We obviously have some insured damages, but very far from Otis“, he noted before insisting that there are still no estimated amounts for the policies that will have to be paid, but it will be “a fairly small amount.”

Riveroll commented that a year after the devastation occurred by Otisinsurance companies have paid about 75 percent of the $2 billion, so payments are expected to be settled by the end of this year.

“Where it is being very complicated is in everything that has to do with the condominiums, because of this whole part of co-ownership, reaching an agreement, some had insurance, others did not. So it’s being a little slow, but everything else, hotels, boats, infrastructure, all of that is already fully paid for,” he said.

He remembered that Otis It is considered by AMIS as the third most important event in the world of compensation paid, since the first is Wilma that hit the coasts of Quintana Roo in 2005, followed by the Covid-19 pandemic.

About the passage of Milton in the southeast of the country in recent weeks, mentioned that no significant effects were reported.

Riveroll indicated that insurance penetration has increased in the Yucatan Peninsula due to the type of construction, in particular, due to the number of hotels and international hotel chains, which “have very good insurance coverage, so the penetration there is quite high.” higher,” he said.