Compensation for losses caused during the El Niño phenomenon (FEN) in 2017 amounted to US$600 million in insurance. Between this year and next, the amount could remain at similar levels or even increase, depending on the intensity of the weather event expected for 2023, according to Luis Enrique Matías, VP manager of Marsh McLennan.
“If conditions have not improved, those numbers may be repeatedor, if the intensity is strong, as is likely, the number may increase,” he commented.
Matías explained that during the 2017 FEN Marsh McLennana company that dominates 30% of the insurance market in the country, made reimbursements that exceeded US$255 million for 1,687 claims.
Of this figure, around 42%, that is, a little more than US$107 million, was reimbursed to the energy sector due to 20 reported incidents.
Likewise, a little more than US$55 million was delivered to the infrastructure sector or construction for 35 claims, mostly related to roads and bridges.
On the other hand, the agricultural sector, another of the hardest hit activities, received more than US$34 million, which represented 14% of the figure delivered by the company. The beneficiaries were the agro-exporters.
According to Aldo Stagnaro, assistant manager at Marsh McLennan, the areas with the highest number of incidents were recorded in the northern coastal regions of the country.
According to the specialist, taking into account that during Cyclone Yaku the sectors with the highest compensation were also energy, construction and agriculture, there is a possibility that the same pattern will be repeated this year during the FEN.
The insurer’s data reveal that March is the month with the highest number of claims related to the FEN. In 2017, during that month, 1,368 cases were recorded, and in March of this year, 672 incidents were reported.
Data
Balance. He FEN of 2017 caused damages of US$10 billionbut US$400 million were not insured.
Amount. In Cyclone Yaku, Marsh spent US$42 million.
Source: Larepublica
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