Hurricane Otis to Become Costliest Insured Disaster in Mexico: Swiss Re

Hurricane Otis severely damaged or destroyed many buildings and led to power and communication outages in the Mexican beachside city of Acapulco (Credit: AFP)

The aftermath of Hurricane Otis is quickly moving to result in one of the costliest natural catastrophes in Mexico's history, with losses of insured property reaching as much as $15 billion.

Swiss Re said Thursday that Otis "will likely become the costliest insured event in Mexico."