Low insured losses from Hurricane Patricia: Aon Benfield

Reinsurance broker Aon Benfield's catastrophe model team has said that insured losses from hurricane Patricia that hit Mexico's Pacific coast on Oct. 23 are "expected to be negligible," reported The Royal Gazette.

Low insured losses are expected given the "low insurance penetration in the hardest-hit areas," said the team.

Economic losses from the hurricane are likely to be more than $300 million.

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