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2017 Mexican quakes to cost insurance sector 25.16B Mexican pesos

Claims linked to the two earthquakes that hit Mexico in September 2017 will cost the insurance industry about 25.16 billion Mexican pesos, El Economista reported.

Recaredo Arias, the head of AMIS, the association of companies within the Mexican insurance sector, reportedly said the final figure would not be available until 18 to 24 months after the events, as claims are still constantly updated.

Arias reportedly said 42,843 claims had been made as of Jan. 31, with 8,882 of those stemming from damage caused during the earthquake that struck the states of Chiapas and Oaxaca on Sept. 7.

Meanwhile, 33,961 claims are linked with the Central Mexico quake on Sept. 19, according to the publication.

AMIS reportedly said Mexico ranks No. 23 among the countries with high catastrophic risk due to natural disasters, with 31% of its population exposed to hurricanes, storms, earthquakes and volcanic eruptions and 66% being exposed to at least one of these natural risks, according to the report.

As of Feb. 19, US$1 was equivalent to 18.51 Mexican pesos.