Menu

Reinsurance News

Munich Re-backed parametric quake product launched in Mexico by Super

3rd March 2020 - Author: Luke Gallin

Super Seguros Inc., acting through their local subsidiary (which was established as Mexico’s first approved insurance MGA), has announced the launch of a new parametric insurance solution to protect against earthquakes for the retail consumer market in Mexico City, backed by reinsurer Munich Re.

mexico-quake-damageThe new solution, Super Temblor, is a modelled intensity cover for homeowners and renters living in Mexico City, and is available today with policies from Mexican insurer Seguros Atlas.

The solution offers a new approach to insure against earthquake risk by taking into account unique local ground conditions to estimate granular intensities. According to Super Seguros, just 6.5% of homes are insured in Mexico, while Mexico City is one of the most earthquake exposed cities in the world.

In order for Super Temblor to be distributed in Mexico City, global reinsurance giant Munich Re has committed significant reinsurance capacity.

“Munich Re, together with its partners, is striving to develop innovative solutions which not only help to increase insurance penetration, but close gaps in traditional coverages and provide an improved customer experience. Parametric insurance, which complement conventional coverages, will benefit consumers with a quick payout in the aftermath of natural catastrophes,” said Richard Schuster, Director Capital Partners for Munich Re in New York.

The new solution will offer covers as high as 500,000 pesos (USD 25,000) of aggregate limit and premiums as low as 50 pesos (roughly USD 2.5) per annum. Super enters the market as the first licensed insurance MGA in Mexico, and the Super Temblor product enters as a fast paying, no-adjuster solution to a vast protection gap.

Sebastian Villarreal, Chief Executive Officer (CEO) and co-founder, commented: “For the first time, homeowners and renters in Mexico City will be able to get automatically determined payments within days.”

President and co-founder, Dario Luna, added: “We are able to provide this fast-payment solution thanks to world-class modelling from ERN, tremendous vision from Mexican insurer Seguros Atlas, and Munich Re as an experienced partner for co-creation and solid reinsurance capacity.”

While Marco Ahedo, co-founder and Chief Underwriting Officer (CUO), said: “By using an independent model for local intensities, and extensive data analysis of our own, we were able to bring to market an affordable cover for highly exposed areas of our city.”

Features and benefits of the new product include 100% digital sales, servicing and claims processing, high-tech user experience optimisation, and experienced and certified insurance agent to help anytime.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Lloyd’s promotes Sabrina Miesowitz to US General Counsel

The Lloyd's of London insurance and reinsurance marketplace has revealed the promotion of Sabrina Miesowitz to US General Counsel as...

Close