MEXICO – Mexico insurance group says storm losses total USD 6 billion

Storms which struck Mexico’s Gulf and Pacific coasts simultaneously two weeks ago, have killed at least 145 people and damaged bridges, roads and crops across the country. 

Recaredo Arias, chief executive of the Mexican Association of Insurance Institutions said the 75 billion peso figure was based on government estimates and that the insurers’ association agreed with them. The government has still to publish its own official estimates. 

Tropical storms Ingrid and Manuel have prompted claims of about 2.4 billion pesos and 4.4 billion pesos, respectively, the association said at a news conference. 

The areas affected by the storms have a low level of insurance coverage, around 20 percent, according to the association, which said insured damages could range from 12 billion to 15 billion pesos.