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In its latest update on damage the two earthquakes in September 2017 caused, Mexican insurer association AMIS said 42,795 related claims have been filed generating a total cost of around 25.1bn pesos (US$1.35bn).
Of the total, 80% corresponds to impacts from the quake that struck central Mexico and Mexico City on September 19, with 33,961 filed claims. The remaining 20% reflect 8,834 claims associated with the stronger quake on September 7 that hit more rural Oaxaca and Chiapas states.
A breakdown of claims by segment reflects the significant variation in the kinds of coverage in impacted zones.
With the September 19 event, 57.2% of claims were tied to optional coverage for residential properties, followed by 19.4% for quake coverage in mortgage contracts. Following these were business claims (7.7%), office buildings (4.8%), and industrial (3.9%), government (1.48%) and health care properties (1.3%).
Looking at claims related to September 7, industrial properties represented 28.9%, followed by government buildings (20.9%), optional residential coverage (17.2%), businesses (16.8%), office buildings (4.1%), mortgage-linked residential coverage (3.7%) and hotels/accommodations (2.6%).
AMIS stressed that although Mexico finds itself at constant risk to seismic events, only 6.5% of homeowners have coverage that addresses such threats.
It added that 41% of the territory and 31% of its population are exposed to multiple natural disaster threats, including hurricanes, tropical storms, earthquakes and volcanic eruptions, and more than 66% of the country is exposed to at least one of these natural threats.
AMIS noted that 30% of GDP is exposed to three or more of these risks, while 71% of GDP is vulnerable to two or more.