On 25 October 2023, Otis, a strong category 5 hurricane with winds reaching 270 kilometers per hour, struck the Pacific coast of southern Mexico. The seaside resort of Acapulco, a densely populated area with almost a million residents, was particularly severely affected. According to the authorities, 46 people have lost their lives and 54 are missing.
The economic losses are also expected to be considerable. More than 273 000 homes, hundreds of hotels and a dozen freeways were severely hit. A large number of cars and boats have been destroyed as well.
Estimates provided by broker Gallagher Re suggest that Hurricane Otis may be one of the costliest natural disasters in Mexico's history. The economic damage would exceed 15 billion USD, while insured losses would amount to several billion dollars.
For the record, Mexico was hit by Hurricane Wilma in 2005, which caused economic losses worth 11.3 billion USD.
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