Establishment of Consortium of Compensation of Insurances

The main objective of the Consortium is to offer protection to citizens against events of a catastrophic nature, such as extreme weather events or acts derived from political violence. The CCS provides coverage for properties, both residential and commercial, when these are affected by natural catastrophes, but only if the property owner has an existing general property insurance policy. For example, if a homeowner has a standard home insurance policy, they can access additional coverage for natural disasters through the CCS. However, this coverage is not automatically included—it must be specifically included in the contract, and the insured party must pay an additional premium.

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