Mexican President Urges Swift Insurance Payouts After Hurricane Otis

Mexican President Andres Manuel Lopez Obrador has called on insurance companies to expedite payouts following the devastating impact of Hurricane Otis on Acapulco and surrounding communities. The storm, the most powerful to hit Mexico's Pacific coast, has caused widespread destruction and claimed at least 27 lives. The president also pledged assistance for those without insurance, including access to affordable loans. Insurable damage from the hurricane's winds alone is estimated to reach $15 billion, with insurance coverage in Mexico typically limited to hotels and resorts. Mexico is expected to receive a payout of around $62.5 million from a catastrophe bond that insures against earthquakes and hurricanes.