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Given the country’s vulnerability to natural disasters of different types and with the expected impact of Hurricane John On the coasts of Guerrero and Oaxaca, “the country’s insurance sector is prepared for these events,” he said. Jose Manuel Athieleader in underwriting of property and casualty reinsurance contracts for Swiss Re.
In a press conference, the firm’s executive commented that, as a result of the impact of the Hurricane Otis in Acapulcothe population and the country’s insurance companies acted efficiently, ensuring that two weeks after the impact the insurers had already paid damages.
He said the country is likely to experience more of these phenomena due to the effects of climate change, which is why the country’s insurance industry has the capacity to withstand the impact of extreme events.
“If you ask me if the industry is prepared, I would say yes, it is prepared. What can happen? It is a bit difficult to predict, anything can happen, but I have no doubt that the industry will be able to respond if something like Otis happens,” Athie said.
He added that, as a result of these events, there has been a greater interest on the part of merchants and families in coastal areas to insure their assets, and among people who have insurance there is more interest in monitoring the insured amounts of their coverage.
Natural disasters already exceed 100 billion dollars
In his speech, Francisco Diaz, head of reinsurance for Mexico and Latin America, revealed that, in the last 4 years, natural disasters have already exceeded 100 billion dollars (mmdd).
He explained that until the beginning of 2000, it was unusual for this figure to be exceeded in a year, however, various phenomena such as earthquakes, fires and hurricanes have broken down this barrier.
“This threshold was only crossed when there was a truly catastrophic year. For example, in 2017, when there were hurricanes Harvey and Eva Maria, more earthquakes in Mexico, etc., the figure of 100 billion was crossed.”
“Before that, in 2011, when there were the earthquakes in Japan and New Zealand, before that, in 2005, when there was Katrina and Wilma, you really didn’t go over $100 billion except in really catastrophic years. Now $100 billion has become the norm,” Diaz added.
