PRESS RELEASE: Mexico City, March 3rd Super Seguros Inc.
Direct to consumer parametric earthquake insurance for the Latam market
- Super.mx enters the market as the first licensed insurance MGA in Mexico -
Mexico City: Super Seguros Inc., acting through their local subsidiary, which established as Mexico’s first approved insurance MGA, today announced the launch of a new parametric insurance product against earthquakes for the retail consumer market. Super Temblor© is a modelled intensity cover for homeowners and renters living in Mexico City. It offers a completely new approach to insure against earthquakes that considers the unique local ground conditions to estimate granular intensities. As Mexico City is one of the most earthquake exposed and vulnerable cities in the world, Super Temblor© enters the market as a fast paying, no-adjuster solution to a dramatic underinsurance gap (only 6.5% of homes are insured in Mexico).
“For the first time, homeowners and renters in Mexico City will be able to get automatically determined payments within days” said Sebastian Villarreal, CEO and co-founder. “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”, said Dario Luna, President and co-founder. ERN (www.ern.com.mx) is a leading catastrophe modelling company covering Mexico, the rest of Latin America and Europe. Finally, Marco Ahedo, co-founder and Chief Underwriter, 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 Super Temblor© include:
Super Temblor© will be available starting today with policies from Seguros Atlas, offering covers as high as 500,000 pesos of aggregate limit (roughly 25,000 USD) and premiums as low as 50 pesos per annum (approximately 2.5 USD). Seguros Atlas, one of the largest Mexican carriers, has a proven record for innovation. Michael Schittek, Commercial Director explained: “with the strategic partnership with Súper we aim to complement our product portfolio and demonstrate how innovative solutions can be created and coexist to expand the insurance market and it’s penetration”. Munich Re has committed significant reinsurance capacity for distributing Super Temblor© in Mexico City. Richard Schuster, Director Capital Partners for Munich Re in New York, commented: “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”.
For more information, visit super.mx/press
Super Seguros Inc. was established in Delaware, U.S. in June 2019, and in this short period of time has developed a robust platform for parametric product underwriting and sales direct to consumer. The company aims to grow into other Latam countries in 2021.
About Seguros Atlas
Seguros Atlas S.A. (S&P mxAAA) is a Mexican insurance company established in 1941, covering all lines of insurance. With more than 50 offices spread throughout Mexico, Atlas is one of the top 5 Mexican P&C insurers.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance- related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.