In a positive signal for the continuing use of private insurance and reinsurance capital to support the country’s natural disaster and catastrophe insurance needs, the Mexican government has renewed a $250 million layer of traditional catastrophe protection.
As part of the government’s economic plans for 2023, the Mexico Ministry of Finance and Public Credit explained that catastrophe insurance with a coverage limit of 5,000 million Pesos was renewed.
So, that’s approximately US $250 million of disaster insurance protection which the Mexican government will now have in-force through 2023, as it continues to make use of risk transfer as a financial tool for securing post-disaster capital to aid in recovery and reconstruction.
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