(3 minutes read)
- The Mozambican publicly-owned insurance company, Emose, has paid 380 million meticais (about six million US dollars, at the current exchange rate) in compensation to companies affected by the tropical cyclone Idai. The devastating Cyclone hit the central city of Beira City, in 2019
The Mozambican publicly-owned insurance company, Emose, has paid 380 million meticais (about six million US dollars, at the current exchange rate) in compensation to companies affected by the tropical cyclone Idai. The devastating Cyclone hit the central city of Beira City, in 2019.
Most of the companies insured by Emose in Beira City operate in the transport, trade, industry and logistics. They saw their assets totally or partially destroyed by the cyclone.
The largest amount of compensation was received by Development Aid from People to People (ADPP), a non-governmental organization that operates in the areas of education, health, agriculture and welfare, receiving over 33 million meticais.
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The loss ratio, which is the indicator that measures the values of compensation, is around 25 to 30 percent. It is in line with the market trend over the past five years with the exception of 2020. it rose to 46 percent with the outbreak of the Covid-19 pandemic.
