In Mexico, only 6.7% of residential buildings have insurance, despite being one of the countries with the highest seismic activity due to the constant movement of tectonic plates and geological faults that cross or surround it, according to Mexican Association of Insurance Organizations (AMIS) and GDP insurance.
For small and medium-sized companies (SMEs), in 2019, only 17 percent of the more than four million of them had this claim protection, allowing them to continue their business.
In this regard, GNP Seguros stated that earthquakes and tremors pose a great risk to society as a whole, as they result in significant human and economic losses, as well as significant damage to infrastructure and family property.
For this reason, he emphasized, it is important to consider non-life insurance as an ally that allows us to counter the economic impact that these natural events can cause to both homes and businesses. micro, small and medium enterprises (MMSP).
He explained that according to National Seismological Serviceover the past 28 years, more than 90 earthquakes of magnitude over 6 on the Richter scale have been recorded throughout the country.
He mentioned that among the earthquakes with the highest impact in recent years: September 7, 2017 with a magnitude of 8.2; September 19, 2017 magnitude 7.1; February 16, 2018 magnitude 7.2; June 2020 magnitude 7.4; February 23, 2018 magnitude 7.2 and; September 7, 2021 magnitude 7.1.
The foregoing, he pointed out, not counting 1985 earthquake which represented important social and economic effects, mainly in Mexico City.
GNP Seguros reported that 54.6% of its total damages portfolio is currently insured against earthquakes, while over the past five years it has paid out more than one thousand 400 million pesos for damages caused by earthquakes and/or earthquakes.
He stated that he received only from earthquake 2017, one of the most representative and destructive in recent years, paid over 900 million pesos.
As for the most expensive cases paid for earthquakes for a person (individual), the amount was 3.7 million pesos, and for a company (individual) 138.4 million pesos.
Regarding the conclusion of non-life insurance contracts, GNP Seguros informs increase in the number of policies by 13.5 percent from 2020 to 2021, which is designed to provide comprehensive protection in the field of protection of movable and immovable property for both home-premises and companies and enterprises.
In addition, he noted, this insurance offers protection options for both the owners of the property who live in it and the tenants (the people who rent the property they live in), as well as for the owners who rent the property to a third party. .
In this sense, he emphasized that among the GNP insurance coverage associated with an earthquake and/or earthquake damage, there is an earthquake and/or volcanic eruption; Ampara for removing debris; and emergency expenses.
As part of the anniversary of the 1985 and 2017 earthquakes in Mexico, GNP Seguros highlights the importance of SNon-life insurance as a financial instrument which allows the protection of family heritage in case of risk situations, such as a natural phenomenon with such characteristics that affects the property or its contents.
Source: Heraldo De Mexico
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