Mexico Friday announced that it has bought more than $400 million worth of insurance to protect vulnerable areas from the impact of hurricanes and other natural disasters.
Mexico purchased 4.8 billion pesos ($404 million) of insurance to “protect public infrastructure and homes in vulnerable areas,” the finance ministry said in a statement.
Last year, Central America was hammered by 19 major storms that left hundreds of millions of dollars in damage.
Scientists expect the region to be hit by more severe weather as the effects of climate change take hold and development banks have encouraged emerging economies to use insurance programs to brace for those costs.
(Reporting by Patrick Rucker; Editing by Jan Paschal)
Topics Mergers & Acquisitions Mexico
Was this article valuable?
Here are more articles you may enjoy.
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
Four Georgia Troopers Fired in Vehicle Pursuit-Insurance Scheme 
Viewpoint: Japan’s $550B Bet on America—What it Means for the US Insurance Market 
Business Interruption Claims Arising From the Middle East Conflict 
