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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  QBE Insurance Group Ltd    QBE   AU000000QBE9

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Mexican Quake Insured Property Damage Seen At MXN2.07 Billion

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03/23/2012 | 10:58pm CEST

MEXICO CITY (Dow Jones) -- The strong earthquake that struck Mexico on Tuesday may trigger 2.07 billion pesos ($162 million) in payouts for damages to insured property, Mexican insurance association AMIS said Friday.

The estimate is based on the magnitude of the tremor, which reached 7.4 on the Richter scale, AMIS said. Had the quake hit a magnitude of 7.8, as initially reported, then damage estimates would have been closer to MXN5.60 billion.

The insurance association predicts that 80% of the insured damages took place in the state of Guerrero, with some damage claims also expected to arise in the Federal District as well as in the states of Oaxaca and Puebla.

While a 7.4-magnitude tremor is capable of causing major damage, the Mexican capital -- the country's economic heart -- escaped widespread damage.

Major international insurance companies operating in Mexico include MetLife Inc. (MET), AXA SA (>> AXA) and QBE Insurance Group Ltd. (>> QBE Insurance Group Limited).

Home insurance is not common in Mexico, with only mortgage debt typically covered by policies; just over 31% of homes carry some degree of insurance linked to a loan. Apart from obligatory coverage for debt on mortgaged homes, only 4.5% of homes are insured by their owners.

-By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177; amy.guthrie@dowjones.com

Stocks mentioned in the article : AXA, QBE Insurance Group Limited
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Financials ($)
Sales 2016 11 770 M
EBIT 2016 938 M
Net income 2016 661 M
Debt 2016 -
Yield 2016 4,92%
P/E ratio 2016 15,67
P/E ratio 2017 11,90
Capi. / Sales 2016 0,89x
Capi. / Sales 2017 0,86x
Capitalization 10 455 M
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 8,93 $
Spread / Average Target 17%
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Managers
NameTitle
John D. Neal Group Chief Executive Officer & Executive Director
Marty Becker Chairman
Colin Fagen Chief Operating Officer
Patrick Charles Regan Chief Financial Officer & Executive Director
John M. Green Independent Non-Executive Director
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