Protection of various risks in damage insurance policies

2023-11-13 22:46:15

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At least 16 thousand properties are insured in Acapulco, according to the records of the union members in AMIS.
The main coverage in OTIS is Hydrometeorological Risks, although there are more coverages that protect the insured

In addition to the direct damage caused by the hurricane protected by coverage of Hydrometeorological Risks, the Mexican Association of Insurance Institutions (AMIS) recommends policyholders affected by Hurricane Otis identify what additional risks may have affected them.

According to the Association, in Acapulco there are at least less than 16 thousand properties insuredthat is, they have damage insurance that covers Hydrometeorological Risks.

Damage insurance is a financial tool that allows covering the main asset of Mexicans: their home. This can be in the event of fire, theft, or any unforeseen risk, including hydrometeorological risks, such as Hurricane Otis.

The insured market has a wide range of options for protection and coverage schemes, this allows policyholders to define insurance strategies according to their own protection needs.

«In OTIS there are incidents that only protected the property from direct damage from hydrometeorological risks, but the contents of this were not insured because they are apartments conditioned for rent; This can happen in the opposite direction, where people who rent only insured their furniture. This allows multiple insurance schemes to be designed, according to the protection needs of our policyholders,” commented Norma Alicia Rosas, general director of AMIS.

For this reason, it is important to review the clauses and exclusions of insurance contracts, which also appear in a summary known as policy face. Some insurance products include contents coverage, while others do not, depending on what has been chosen.

In this sense, when insurance covers contents, it refers to all personal property, household goods, household and electronic equipment, clothing and personal effects of a home, in general. The recommendation is to analyze the scope of the coverage.

In the protection characteristics, it can also be identified if damage insurance will cover the property and a percentage of the insured sum would be contemplated for the contents, while some other insurers determine a fixed amount for this concept.

This becomes more important if we consider that 1 in every 10 pesos that insurance companies pay corresponds to coverage that does not affect the building, but rather the contents and stock.

Damage insurance, protects assets

With insurance, governments, companies and families that receive compensation after a hydrometeorological event have a greater capacity to react and recover from the disaster.

In the face of natural disasters such as Hurricane Otis, the insurance sector is solvent and strong with three times the capital requested by Mexican regulations regarding solvency.

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For more information, please contact:

Alfonso Bonilla

[e-mail]

(55) 5480 0671

Veronica Galan

[e-mail]

55 1081 4754

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