Mexico.- With figures for 2021, the world claims and spends $ 202 million a day to address the negative effects of climate change, revealed Lucia Barrera Ocampo, Associate Director of Fitch Ratings, giving the conference ESG Criteria, which Ensures a sustainable future. Within the framework of the 32nd Insurers Conference organized by AMIS, it was pointed out that our country, although it is privileged, due to its geographical position, also exposes us as one of the most vulnerable countries.
A little more to picture what we’re seeing in Mexico, the National Institute of Ecology and Climate Change has reported that 2.5 million people have been affected by the effects of climate change over the past decade, which is of course 2.5 million people. You may have had some coverage or taken care of by insurance, but there is another area of those 2.5 million people that is not covered and is the most vulnerable… because in Mexico, 90% of Mexican territory is unprotected from the climate there The changes we are most susceptible to enable us to meet this risk.
Meanwhile, Gabriela Sepúlveda, associate director at Fitch Ratings, highlighted that in social matters, insurance has contributed to avoiding the loss of equity and social stability.
“On the social side, the fact is that they have a counter-positive effect; Insurance provides financial stability and flexibility to both individuals and the public and also contributes to financial inclusion, that an individual can have access to a basic financial product, improves the quality of life of the people; Insurance in the social share can prevent a person who is in the middle class from being dragged into poverty by the effects of an unforeseen event, such as climate change or a serious illness or death, or it can even be the difference between a person may be able to achieve the objective of being left out in social mobility or economic vulnerability”.
They recognized that there are many factors that prevent the penetration of insurance, among them lack of education, widening inequality and other gaps, which are not risk averse, because they do not know it or do not know how to measure it.