Concanaco proposes basic insurance for Mexican SMEs

Octavio de la Torre, president of the Confederation of National Chambers of Commerce, Services and Tourism (Concanaco), has proposed the creation of a ‘Basic Insurance’ for small and medium-sized enterprises (SMEs) in Mexico. The initiative aims to help business owners recover quickly from damages caused by hydrometeorological phenomena, preventing permanent closures and job losses.

The proposal will be presented to authorities including the Ministry of Finance, CONDUSEF, and the Association of Insurance Institutions (AMIS). De la Torre noted that current insurance offerings are not specifically designed for the needs of local businesses. The proposed insurance would be accessible, with estimated costs ranging from 4,000 to 20,000 pesos depending on the business type and location.

A significant challenge remains the high rate of informality among small businesses; of the 6.1 million businesses in the country, only 33% are formal, making it more difficult for the majority of family-run enterprises to recover from disasters.