Auto-theft rates in Mexico are rising at the fastest pace ever, and authorities are getting worse at tracking down the stolen cars, Bloomberg News reports.
In March, the number of auto thefts rose 21 percent from the same month a year earlier, according to numbers from the car insurance association known as Amis. Meanwhile, the recovery rate — the percentage of stolen cars that police were able to recover — dropped to its lowest since at least 2005.
This is an ominous trend for the country’s car insurers, many of which are already paying out more in claims than they’re collecting in premiums, Moody’s Investors Service said in a report Tuesday. It’s also part of an uptick in lawlessness across Mexico, which saw a 20 percent jump in violent crimes last year, according to a study released March 30 by the University of San Diego. A survey also shows Mexicans’ perception of insecurity in their municipality and neighborhood is at the highest since at least 2011.
The car-theft trend “will continue throughout the second quarter which will, in turn, have an impact on first-half returns,” Francisco Uriostegui, an analyst at Moody’s who helped write the report, said in an interview. “In the end, it’s the customer that will have to pay more, for a higher premium and it’ll be due to a drop in the recovery rate for these vehicles.”
Qualitas Controladora SAB and Grupo Nacional Provincial SAB are the two biggest auto insurers in Mexico, Uriostegui said, while units of Grupo Financiero Banorte and Grupo Financiero Inbursa are also among the top 10.
more recommended stories
Cozumel returns to lead the cruise industry in Mexico and South America
The general director of the Port.
According to Mexican businessmen, the Maya Train project will only be profitable for Quintana Roo and Yucatán
In spite of the planning of.
2018 Merida’s International Festival of the Maya Culture has been cancelled
The State Government reported that it.
Organic products are becoming more popular in Mérida
Everyday, more and more companies offer.
Local transport companies will invest 250 million pesos in new Cancun-Tulum Metrobus
In order to cover the growing.
While Venezuelans suffer and die of hunger, Maduro eats at one of the most expensive restaurants in the world (VIDEO)
A viral video showing Venezuelan president Nicolás.
Tulum’s “La Calma” Ecoresort master plan rejected by Semarnat
On September 12th, the environmental organization.
Organ donation culture increases in Yucatan
September 17, 2018 (ACOM) .- The.
New air route Merida-Villahermosa
Viva Aerobus, Mexico’s ultra-low-cost airline, with.
Criminology expert warns about possible increase of organized crime activity in Yucatán
“Poverty levels in the state of.