Hurricane John, less burdensome for insurance companies than Otis

Aguascalientes, Ags., Although there is no estimated amount yet, insurance companies will pay less compensation for the damage caused by the hurricane John in Guerrero compared to those made by Otissince the affected areas are the ones that hire these instruments the least, 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 that sector has paid 75 percent of the insurance policies for the impacts that caused Otis in October of last year.

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

There is obviously some insured damage, but far from Otisspecified before insisting that there are still no estimated amounts for the policies that must be paid, but it is a fairly small amount. Riveroll commented that a year after the devastation occurred by Otisinsurance companies have paid about 75 percent of the more than $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 and infrastructure, all of that is already fully paid forhe explained.

The president of AMIS recalled that Otis It is considered by the insurance industry as the third most important event in terms of the amount 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 They have very good insurance coverage, so the penetration is much higher there.he assured.