Mexico renews $248 million catastrophe insurance

Mexico renewed its 5 billion Mexican pesos ($248 million) traditional catastrophe insurance for 2023, indicating its intent to continue the use of private insurance and reinsurance capital for recovery and reconstruction after a natural disaster strikes, Artemis reported. There is a deductible in-force for the catastrophe insurance arrangement of roughly $13.5 million per-event and on an aggregate basis around $35 million per year, maximum.