Home Business-newBusiness Hurricane Otis cost at least 1.7 billion US dollars for Insurance companies

Hurricane Otis cost at least 1.7 billion US dollars for Insurance companies

by Yucatan Times
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Hurricane Otis which hit the coast of Guerrero at the end of October is already the third most expensive event in history for insurers in Mexico, with a cost of at least 1.7 billion US dollars.

Norma Alicia Rosas , general director of the Mexican Association of Insurance Institutions ( AMIS ), said that 45 days after the impact of the storm there is progress of around 90 percent of insured reports.

The Mexican Association of Insurance Institutions indicated that there were 29,680 claims registered until December 1st, 2023.

Most of the claims, almost 14 thousand, have to do with damage to homes, the amount of which is estimated at nine thousand 388 million pesos.

The institution highlighted that of the total advances and payments that the Insurance Sector has generated, 43 percent correspond to hotels that had coverage policies for hydrometeorological risks.

According to AMIS, there are reports from 94 hotels for a damage amount of 8.2 billion Mexican pesos (444 million USD).

TYT Newsroom

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