Insurers pay US$1.5bn for Hurricane Wilma claims

Mexican insurers have paid 16.2bn pesos (US$1.50bn) for claims related to damage caused by last year's Hurricane Wilma, which represents 83.8% of total claims, local insurance association AMIS said in a press release. AMIS has estimated insurers' final tab for Wilma will come in at some 19.3bn pesos. Hurricane Wilma was one of the eight most expensive disasters for the Mexican insurance market, along with hurricanes Gilberto, Isidore, Emily, Stan and Kenna, the earthquake in 1985 and the loss of Mexican satellite Solidaridad, AMIS said. The most expensive of all was Gilberto, which struck in 1988 and caused losses of some 5bn pesos. The Mexican insurance industry reported direct written premiums of 79.1bn pesos in the first half of this year, according to latest statistics from insurance regulator CNSF.