Mexico Friday announced that it has bought more than $400 million worth of insurance to protect vulnerable areas from the impact of hurricanes and other natural disasters.
Mexico purchased 4.8 billion pesos ($404 million) of insurance to “protect public infrastructure and homes in vulnerable areas,” the finance ministry said in a statement.
Last year, Central America was hammered by 19 major storms that left hundreds of millions of dollars in damage.
Scientists expect the region to be hit by more severe weather as the effects of climate change take hold and development banks have encouraged emerging economies to use insurance programs to brace for those costs.
(Reporting by Patrick Rucker; Editing by Jan Paschal)
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Hedge Funds Are Expanding Desks Designed to Profit From Natural-Catastrophe Risk 
Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete 
Storage Shed Caused Nashville Parking Garage Fire, Travelers Says in $10M Subro Suit 
Georgia Brokers and Agents Alarmed After Court Ruling Expands Liability for Them 
