Mexican President Andres Manuel Lopez Obrador on Friday urged insurance companies to speed up payouts after powerful Hurricane Otis wreaked havoc on Acapulco's beach resorts and surrounding impoverished communities.
Hospital worker Jesus Rojas fixes his damaged house in the aftermath of Hurricane Otis in Acapulco, Mexico, October 27, 2023. REUTERS/Alexandre Meneghini/File PhotoMEXICO CITY, Oct 27 - Mexican President Andres Manuel Lopez Obrador on Friday urged insurance companies to speed up payouts after powerful Hurricane OtisIn Acapulco, Otis claimed at least 27 lives according to the local governor's tally issued on Thursday, which has not been updated.
"For those who do not have insurance, we are going to find a way to benefit from cheap loans, both from commercial banks and development banks." Mexico will likely receive a payout of some $62.5 million from a catastrophe bond that insures the country against earthquakes and hurricanes, Plenum Investments estimated.
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