Hurricane Otis Racks Up Billions in Insured Losses, Marks Historic Financial Drain for Mexico’s Insurance Sector

Reinsurance broker Gallagher Re has said that hurricane Otis will be one of the costliest natural catastrophe events in Mexico’s history, with a multi-billion-dollar insurance market loss anticipated because of the devastating impacts of the storm.

Damage to residential and commercial property in the Acapulco region is significant, with numerous high-value hotels and resorts severely impacted and potentially total losses in some cases.

There were at least 39 fatalities after the hurricane made landfall as a Category 5 storm with 165 mph winds.