Super launches parametric earthquake coverage
Super Seguros , Mexico’s first approved insurance MGA, has announced the launch of a new parametric earthquake insurance product. Coverage is underwritten by Seguros Atlas , one of the top 5 Mexican P&C insurers, with capacity support from Munich Re. Limits can go as high as 500,000 pesos (~ $25,000) and premiums as low as 50 pesos annually (~ $2.5).
“For the first time, homeowners and renters in Mexico City will be able to get automatically determined payments within days.” – CEO and co-founder, Sebastian Villarreal.
“We are able to provide this fast-payment solution thanks to world-class modeling from ERN, tremendous vision from Mexican insurer Seguros Atlas, and Munich Re as an experienced partner for co-creation and solid reinsurance capacity.” – President and co-founder, Dario Luna.
“Munich Re, together with its partners, is striving to develop innovative solutions which not only help to increase insurance penetration, but close gaps in traditional coverages and provide an improved customer experience. Parametric insurance, which complement conventional coverages, will benefit consumers with a quick payout in the aftermath of natural catastrophes.” – Director Capital Partners for Munich Re in New York, Richard Schuster.
Bottom Line: Mexico City is one of the most earthquake exposed and vulnerable cities in the world with a market in which only 6.5% of homes are insured.