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Mexican Wilma losses up to $1.75bn

The Mexican insurance industry association AMIS expects insurers to cover losses of $1.75bn as a result of Hurricane Wilma hitting the country.

So far payments and advances of $330mn, or 19 percent of that total, have been made to claimants.

AMIS estimates that the October storm caused total damages of $3.77bn, affecting over 11,000 buildings and 4,000 cars. Despite less than half of this figure being insured, the hurricane was the most expensive insured loss ever in Latin America, according to the association.

Cancun was badly hit, with the Mexican government estimating the resort-city loses almost $15mn for every day it is operating under-capacity. Tourism is the lifeblood of the area and with some hotels and businesses still battling to receive payments it could be some time before Cancun returns to business as usual.

“The insurance industry will continue working hard so that all of its clients’ payments will be covered as soon as possible,” AMIS said.

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