Mexico City. The insurance sector in Mexico will end up paying around 2 billion dollars (between 37 thousand and 38 billion pesos) for the hurricane Otis on the coast of Guerrero, said the Mexican Association of Insurance Institutions (AMIS).
GALLERY: Six months after ‘Otis’
In a press conference, within the framework of the 33rd Insurers Convention, Juan Patricio Riveroll, president of the Association, made up of 85 insurance companies, specified that “the rounded figure of 2 billion dollars of what insurers will pay for the damages of Otis It is already quite accurate because it has already been updated by the insurers and each of their insured clients.”
He highlighted that nearly 13 billion pesos have already been settled to the insured public and he anticipates that in about five months practically everything would be settled regarding what has to do with Otisa hurricane that affected Acapulco, mainly, last October.
It should be remembered that the hurricane Otis became the third most expensive catastrophic event for the insurance sector in Mexico (with AMIS estimate of 2.7 billion dollars), surpassed by covid-19 and the hurricane Wilmafor an amount of 3,473 million dollars.
Norma Alicia Rosas, general director of AMIS, explained that compensation payments in the hotel sector are already close to 60 percent. In the case of automobiles, the level is a little higher, 72 percent; For housing, there is talk of levels close to 30 percent.
“In this phase it has become a little more complicated, since the compensation process has become a little slower, fundamentally because we are talking about properties that are used as a second home, and the owners are not necessarily there. So a rapprochement is needed between the adjuster and the homeowner to be able to make the process much more expeditious,” explained Rosas.
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– 2024-04-11 10:10:23
