Emily, Stan and Wilma may not have the instant name recognition of Katrina or have attracted the level of international media coverage resulting from the devastation of New Orleans, but the impact of these hurricanes on Mexico and the implications for the Mexican insurance market are far-reaching.
In October 2005, Hurricane Wilma hit the Quintana Roo, Chiapas and Rivera Maya coasts in the south of the Mexican Republic, leaving behind the most expensive natural disaster ever in Latin America. In Mexico alone, the hurricanes affected more than 11 million locations and approximately 4,000 vehicles. Insurers will have to pay out more than £984m on an estimated 1,500 policies. This figure takes into account only direct damages.
