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182-636: Zurich Insurance Group Ltd is a Swiss insurance company, headquartered in Zürich , and the country's largest insurer. As of 2021, the group is the world's 112th largest public company according to Forbes ' Global 2000s list, and in 2011, it ranked 94th in Interbrand's top 100 brands. Zurich is a global insurance company which is organized into three core business segments: General Insurance, Global Life and Farmers. Zurich employs 55,000 people, with customers in 215 countries and territories. The company
364-684: A Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for
546-548: A constitutional monarch from Europe. When no member of a European royal house desired the position, Iturbide himself was declared Emperor Agustín I. The United States was the first country to recognize Mexico's independence, sending an ambassador to the court and sending a message to Europe via the Monroe Doctrine not to intervene in Mexico. The emperor's rule was short (1822–1823) and he was overthrown by army officers in
728-416: A contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy,
910-491: A major conflict with the Catholic Church and Catholic guerrilla armies when he strictly enforced anticlerical articles of the 1917 Constitution which ended with an agreement. Although the constitution prohibited the reelection of the president, Obregón wished to run again and the constitution was amended to allow non-consecutive re-election and won the 1928 elections but was assassinated by a Catholic activist, causing
1092-592: A sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner . In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia ("Rhodian law"). It articulates
1274-462: A $ 171 million case relating to bid rigging and price fixing in the United States. "Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available," said Abbott. "The whole anti-competitive scheme was an intentional smoke screen by several insurance players to artificially inflate premiums and pay improper commissions to those who brokered
1456-509: A $ 3 million grant over three years. The grant would go towards creating a Disaster Resilience and Recovery Lab—a disaster relief model that propagates best practices learned in New Orleans after Katrina to communities affected by future disasters. In 2011, Zurich launched a free online resource – My Community Starter – designed to make getting involved in community activities more simple. In March 2012, Zurich reinforced its commitment to
1638-684: A branch was established in the United Kingdom (the first foreign insurance company to do so). One year later, another branch was established in Canada . In 1925, Zurich became the official insurer of all new Ford vehicles in Great Britain . The "Zurich Fire Insurance Company of New York" was founded in 1929, the reinsurance company Turegum in 1938 and the "American Guarantee and Liability Company in New York" in 1939. In 1950, it bought
1820-458: A claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for
2002-448: A claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel") counsel, monitor litigation that may take years to complete, and appear in person or over
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#17327907605682184-601: A combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of
2366-455: A company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e.,
2548-495: A decade of civil war, the "wind that swept Mexico." The Mexican Revolution was a decade-long transformational conflict. It began with scattered uprisings against President Díaz after the fraudulent 1910 election, his resignation in May 1911, demobilization of rebel forces, an interim presidency of a member of the old guard and the democratic election of a rich, civilian landowner, Francisco I. Madero in fall 1911. In February 1913 ,
2730-407: A function of elevation. This gives Mexico one of the world's most diverse weather systems. Maritime air masses bring seasonal precipitation from May until August. Many parts of Mexico, particularly the north, have a dry climate with only sporadic rainfall, while parts of the tropical lowlands in the south average more than 2,000 mm (78.7 in) of annual precipitation. For example, many cities in
2912-562: A majority interest in New York -based "Scudder, Stevens & Clark". Subsequently, Kemper was merged with Scudder to form "Scudder Kemper Investments", which was later renamed "Zurich Scudder Investments". Following the September 11 attacks , on 24 September 2001, Zurich Financial announced it would sell Zurich Scudder, which then had US$ 370 billion in assets under management , to Deutsche Bank for US$ 2.5 billion (US$ 1.2 billion in cash and
3094-645: A military coup d'état overthrew Madero's government, with the support of the U.S., resulting in Madero's murder by agents of Federal Army General Victoriano Huerta . During the Revolution, the U.S. Republican administration of Taft supported the Huerta coup against Madero, but when Democrat Woodrow Wilson was inaugurated as president in March 1913, Wilson refused to recognize Huerta's regime and allowed arms sales to
3276-413: A minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be " indemnified " against the loss covered in
3458-453: A more active role in loss mitigation, such as through building codes . According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than
3640-458: A natural southern border between Mexico and Guatemala. The climate of Mexico is varied due to the country's size and topography. Tropic of Cancer effectively divides the country into temperate and tropical zones. Land north of the Tropic of Cancer experiences cooler temperatures during the winter months. South of the Tropic of Cancer, temperatures are fairly constant year-round and vary solely as
3822-530: A new Constitution of 1857 , separating Church and State, stripping the Church and the military of their special privileges ( fueros ); mandating the sale of Church-owned property and sale of indigenous community lands, and secularizing education. Conservatives revolted, touching off civil war between rival Liberal and Conservative governments (1858–1861). The Liberals defeated the Conservative army on
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#17327907605684004-508: A new generation of leaders. But his announcement set off a frenzy of political activity, including the unlikely candidacy of the scion of a rich landowning family, Francisco I. Madero . Madero won a surprising amount of political support when Díaz changed his mind and ran in the election, jailing Madero. The September centennial celebration of independence was the last celebration of the Porfiriato . The Mexican Revolution starting in 1910 saw
4186-561: A peaceful political solution, but the coalition splintered, plunging Mexico again into a civil war. Constitutionalist general Pancho Villa , commander of the Division of the North, broke with Carranza and allied with Zapata. Carranza's best general Alvaro Obregón defeated Villa, his former comrade-in-arms in the Battle of Celaya in 1915, and Villa's northern forces melted away Carranza became
4368-448: A plurality of around 38% and did not have a legislative majority. During the twenty-first century, Mexico has contended with high crime rates , bureaucratic corruption , narcotrafficking , and a stagnant economy. Many state-owned industrial enterprises were privatized starting in the 1990s with neoliberal reforms, but Pemex , the state-owned petroleum company is only slowly being privatized, with exploration licenses being issued. In
4550-557: A political crisis of succession. Calles could not become president again, so he sought to set up a structure to manage presidential succession, founding the Institutional Revolutionary Party , which went on to dominate Mexico for the rest of the 20th century. Despite not holding the presidency, Calles remained the key political figure during the period known as the Maximato (1929–1934), that ended during
4732-631: A premium paid independently of loans began in Belgium about 1300 AD. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. These new insurance contracts allowed insurance to be separated from investment,
4914-532: A profit of US$ 2.1 billion, compared to a loss of US$ 3.4 billion a year earlier. Operating income increased 93 percent to $ 2.3 billion, marking the turnaround. Zurich remained on track in 2004 with net income of US$ 2.5 billion and operating income of US$ 3.1 billion, an increase of 36 percent over the previous year. Zurich's net income increased by 30 percent to US$ 3.2 billion in 2005, and operating income rose by 32 percent to US$ 3.9 billion. In 2008, "Zurich Financial Services" recorded net income of US$ 3 billion, compared to
5096-402: A push against government corruption, the ex-CEO of Pemex, Emilio Lozoya Austin , was arrested in 2020. After founding the new political party MORENA , Andrés Manuel López Obrador (commonly known as AMLO) won the 2018 presidential election with over 50% of the vote. His political coalition, led by his left-wing party founded after the 2012 elections, included parties and politicians from across
5278-557: A record US$ 5.7 billion in the previous year. In July 2011, Zurich announced that it had signed definitive agreements for a long-term alliance with " Banco Santander SA" (Santander) over 25 years in Latin America . In April 2012, Zurich Financial Services Ltd changed back to its original name, Zurich Insurance Group Ltd. In a statement, the Group explained the rationale behind the name change. "In recognition of this strategic focus,
5460-510: A relationship with SBP , a disaster relief organization based in New Orleans , at its Zurich Classic golf tournament in New Orleans. Over the next five years, more than 1,000 Zurich employees, customers, brokers, and distributors volunteered with SBP to rebuild homes in New Orleans, Staten Island and Joplin, until in April 2014, the company announced that its Z Zurich Foundation would give SBP
5642-697: A relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to "green light" approved activities and events, "yellow light" activities and events which require insurer consultation and/or waivers of liability, and "red light" activities and events which are prohibited and outside
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5824-556: A separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to
6006-474: A series of reforms. Zurich apologized and acknowledged that "certain of its employees violated both acceptable business practices and Zurich's own standards of conduct by engaging in improper bidding practices and the 'finite reinsurance' transactions described in the Assurance of Discontinuance". The states included in the settlement were New York, Connecticut and Illinois. In May 2007, Zurich Capital Markets,
6188-814: A share in "Companhia de Seguros Metrópole S.A." of Lisbon . Five years later, in 1955, «Zürich» Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft was renamed «Zürich» Versicherungs-Gesellschaft , a name it still holds today. Between 1955 and 1976 several companies were acquired, including the "Commonwealth General Assurance Corporation" of Sydney , "Iguazù Compañia de Seguros S.A." from Buenos Aires , "Empire Fire and Marine Insurance Company" from Nebraska , "Fidelity and Deposit Company" from Maryland , "Universal Underwriters" from Kansas City , "Anglo Americana de Seguros Gerais" from São Paulo , "Minerva Group" from Italy , "Centre Reinsurance Holding" from Bermuda , "La Chilena Consolidada", and "Seguros de Vida" from Chile and "Seguros Chapultepec" from Mexico . On
6370-466: A signatory of the Plan of Iguala that achieved independence, became president in a disputed election. During his short term in office, from April to December 1829, he abolished slavery. His Conservative vice president, former Royalist General Anastasio Bustamante , led a coup against him and Guerrero was judicially murdered . Mexico's ability to maintain its independence and establish a viable government
6552-399: A staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so,
6734-798: A subsidiary of Zurich Financial Services, paid $ 16.8 million to settle with the United States Securities and Exchange Commission for helping four hedge funds disguise their identities to avoid detection when making frequent trades in mutual fund shares. An SEC director stated, "By knowingly financing their hedge funds clients' deceptive market timing , ZCM reaped substantial fees at the expense of long-term mutual-fund shareholders". In 2015, small business owners and property developers in Britain complained that Zurich's British subsidiary, Dunbar Bank, had treated them unfairly by calling in loans quickly in order to wind down its loan book after
6916-438: A support of Russian violence against Ukrainians . The company said in a statement that it wished to avoid how its communications "could be misinterpreted". Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against
7098-520: A system of parallel voting that includes plurality and proportional representation . The Chamber of Deputies has 500 deputies. Of these, 300 are elected by plurality vote in single-member districts (the federal electoral districts ) and 200 are elected by proportional representation with closed party lists for which the country is divided into five electoral constituencies. The Senate comprises 128 senators: 64 (two for each state and two for Mexico City) are elected by plurality vote in pairs, 32 are
7280-649: A tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes
7462-572: A univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums. A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with
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7644-625: A year, making a measurable impact on the lives of over 80,000 people. Zurich was one of the first recipients of the Community Mark from Business in the Community which it has successfully retained for three years. On 24 October 2002, Zurich North America hosted a ceremony at the 9/11 Tribute Center honoring the winners of its 2012 K.A.M.P. awards, a program created as a living legacy to the four employees killed on 9/11: John Keohane, Peggy Alario, Kathy Moran and Ludwig Picarro. Zurich began
7826-715: Is a major tourist destination: as of 2022, it is the sixth most-visited country in the world , with 42.2 million international arrivals. Mexico's large economy and population, global cultural influence, and steady democratization make it a regional and middle power , increasingly identifying as an emerging power . Mexico has made significant political and socioeconomic gains in recent decades. However, as with much of Latin America , Mexico continues to struggle with poverty , systemic corruption , and extensive crime . Since 2006, an ongoing conflict between drug trafficking syndicates has led to over 127,000 deaths. Mexico
8008-926: Is a member of United Nations , the G20 , the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization (WTO), the Asia-Pacific Economic Cooperation forum, the Organization of American States , Community of Latin American and Caribbean States , and the Organization of Ibero-American States . Mēxihco is the Nahuatl term for the heartland of the Aztec Empire , namely
8190-695: Is considered one of the six independent cradles of civilization , this era saw the origin of distinct cultural traits such as religious and symbolic traditions, maize cultivation, artistic and architectural complexes as well as a vigesimal (base 20) numeric system that spread from the Mexican cultures to the rest of the Mesoamerican cultural area. In this period, villages became more dense in terms of population, becoming socially stratified with an artisan class, and developing into chiefdoms . The most powerful rulers had religious and political power, organizing
8372-438: Is home of 10–12% of the world's biodiversity. Mexico ranks first in biodiversity in reptiles with 707 known species, second in mammals with 438 species , fourth in amphibians with 290 species, and fourth in flora, with 26,000 different species. Mexico is also considered the second country in the world in ecosystems and fourth in overall species. About 2,500 species are protected by Mexican legislation. In 2002 , Mexico had
8554-460: Is incompatible with agriculture due to aridity, soil, or terrain. In 2018, an estimated 54.9% of land is agricultural; 11.8% is arable; 1.4% is in permanent crops; 41.7% is permanent pasture; and 33.3% is forest. Mexico is irrigated by several rivers, with the longest being the Rio Grande , which serves as a natural eastern border with the United States. The Usumacinta River in turn, serves as
8736-523: Is listed on SIX Swiss Exchange . As of 2012, it had a shareholders' equity of $ 34.494 billion. The company was founded in 1872 as a reinsurance company under the name of "Versicherungs-Verein" and at the request of the "Schweiz" transport insurance company (which was founded in 1869 on the initiative of the "Schweizerischen Kreditanstalt"), a subsidiary of the Schweiz Marine Company. It was founded by people who were also board members of
8918-566: Is now referred to as the Mexican Dirty War . In the 1980s the first cracks emerged in the PRI's complete political dominance. In Baja California , the PAN candidate was elected as governor. When De la Madrid chose Carlos Salinas de Gortari as the candidate for the PRI, and therefore a foregone presidential victor, Cuauhtémoc Cárdenas , son of former President Lázaro Cárdenas , broke with
9100-409: Is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates,
9282-586: Is responsible for executing and enforcing the law and has the power to veto bills. The highest organ of the judicial branch of government is the Supreme Court of Justice , the national supreme court , which has eleven judges appointed by the President and approved by the Senate. The Supreme Court of Justice interprets laws and judges cases of federal competency. Other institutions of the judiciary are
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#17327907605689464-663: Is the world's 13th largest country by total area . It has coastlines on the Pacific Ocean and Gulf of California , as well as the Gulf of Mexico and Caribbean Sea , the latter two forming part of the Atlantic Ocean . Within these seas are about 6,000 km (2,317 sq mi) of islands (including the remote Pacific Guadalupe Island and the Revillagigedo Islands ). Almost all of Mexico lies in
9646-426: Is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by
9828-459: The 2024 presidential election in a landslide and upon taking office in October became the first woman to lead the country in Mexico's history. She was sworn in as Mexico's president on 1 October 2024. Mexico is located between latitudes 14° and 33°N , and longitudes 86° and 119°W in the southern portion of North America, with a total area of 1,972,550 km (761,606 sq mi),
10010-599: The Archdiocese of Mexico in 1546, with the archbishop as the head of the ecclesiastical hierarchy. Castilian Spanish was the language of rulers. The Catholic faith was the only one permitted, with non-Catholics and Catholics (excluding Indians) holding unorthodox views being subject to the Mexican Inquisition , established in 1571. Spanish military forces, sometimes accompanied by native allies, led expeditions to conquer territory or quell rebellions through
10192-664: The Constitution to allow the Mexican Army, Air Force or Navy to collaborate with the United Nations in peacekeeping missions , or to provide military help to countries that officially ask for it. The Mexican Federal Police was dissolved in 2019 by a constitutional amendment during the administration of President López Obrador and the Mexican National Guard established, amalgamating units of
10374-903: The Cordillera Neo-Volcánica , the Gulf Coastal Plain , the Southern Highlands, and the Yucatán Peninsula . An important geologic feature of the Yucatán peninsula is the Chicxulub crater , the scientific consensus is that the Chicxulub impactor was responsible for the Cretaceous–Paleogene extinction event . Although Mexico is large (a little over 2,000 mi (3,219 km) in length from its farthest land points), much of its land mass
10556-917: The Council of the Indies based in Spain to oversee State power in its overseas territories; in New Spain the crown established a high court in Mexico City, the Real Audiencia ('royal audience' or 'royal tribunal'), and then in 1535 created the Viceroyalty of New Spain . The viceroy was the highest official of the State. In the religious sphere, the Diocese of Mexico was created in 1530 and elevated to
10738-804: The Federal Electoral Tribunal , collegiate, unitary, and district tribunals, and the Council of the Federal Judiciary. Three parties have historically been the dominant parties in Mexican politics: the Institutional Revolutionary Party (PRI), a catch-all party and member of the Socialist International that was founded in 1929 to unite all the factions of the Mexican Revolution and held an almost hegemonic power in Mexican politics since then;
10920-483: The Great Fire of London , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for "the Insurance Office" in his new plan for London in 1667." A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established
11102-423: The Mexican peso crisis , requiring a $ 50 billion IMF bailout. Major macroeconomic reforms were started by Zedillo, and the economy rapidly recovered and growth peaked at almost 7% by the end of 1999. After 71 years of rule, the incumbent PRI lost the 2000 presidential election to Vicente Fox of the opposing conservative National Action Party (PAN). In the 2006 presidential election , Felipe Calderón from
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#173279076056811284-484: The Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . The ancient Greeks had marine loans. Money
11466-446: The National Action Party (PAN), a conservative party founded in 1939 and belonging to the Christian Democrat Organization of America ; and the Party of the Democratic Revolution (PRD) a left-wing party, founded in 1989 as the successor of the coalition of socialists and liberal parties. The foreign relations of Mexico are directed by the President of Mexico and managed through the Ministry of Foreign Affairs . The principles of
11648-427: The North American market in 1912, starting in the states of New York , Illinois , New Jersey , and Massachusetts in the US . In 1915, Zurich acquired its first whole company, "Hispania Compañia General de Seguros" of Barcelona in Spain . Ten years later, in 1922, Zurich founded "Vita Lebensversicherungs-Gesellschaft" as an independent subsidiary , which soon expanded into neighboring countries. In addition,
11830-484: The North American Plate , with small parts of the Baja California peninsula on the Pacific and Cocos Plates . Geophysically , some geographers include the territory east of the Isthmus of Tehuantepec (around 12% of the total) within Central America. Geopolitically , however, Mexico is entirely considered part of North America, along with Canada and the United States. The majority of Mexican central and northern territories are located at high altitudes, and as such
12012-440: The Plan of Casa Mata . After the forced abdication of the monarch, Central America and Chiapas left the union to form the Federal Republic of Central America . In 1824, the First Mexican Republic was established. Former insurgent General Guadalupe Victoria became the first president of the republic — the first of many army generals to hold the presidency. In 1829, former insurgent general and fierce Liberal Vicente Guerrero ,
12194-416: The Seven Years' War . It created a standing military, increased coastal fortifications, and expanded the northern presidios and missions into Alta California . The volatility of the urban poor in Mexico City was evident in the 1692 riot in the Zócalo. The riot over the price of maize escalated to a full-scale attack on the seats of power, with the viceregal palace and the archbishop's residence attacked by
12376-433: The Spanish Empire in 1821 and became a sovereign state the Intendency came to be known as the State of Mexico , with the new country being named after its capital: Mexico City . The country's official name has changed as the form of government has changed. The declaration of independence signed on 6 November 1813 by the deputies of the Congress of Anáhuac called the territory América Septentrional (Northern America);
12558-440: The Valley of Mexico and surrounding territories, with its people being known as the Mexica . It is generally believed that the toponym for the valley was the origin of the primary ethnonym for the Aztec Triple Alliance , but it may have been the other way around. In the colonial era (1521–1821) when Mexico was known as New Spain this central region became the Intendency of Mexico . After New Spain achieved independence from
12740-479: The Yucatán Peninsula ), have a yearly median temperature between 24 and 28 °C (75.2 and 82.4 °F). Temperatures here remain high throughout the year, with only a 5 °C (9 °F) difference between winter and summer median temperatures. The Pacific coast is subject to natural hazards such as tsunamis and both Mexican coasts with the exception of the south coast of the Bay of Campeche and northern Baja California are vulnerable to serious hurricanes during
12922-422: The foreign policy are constitutionally recognized in the Article 89, Section 10, which include: respect for international law and legal equality of states , their sovereignty and independence , trend to non-interventionism in the domestic affairs of other countries, peaceful resolution of conflicts , and promotion of collective security through active participation in international organizations . Since
13104-617: The general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). The law of general average is the fundamental principle that underlies all insurance. In 1816, an archeological excavation in Minya, Egypt produced
13286-461: The "Schweiz" transport insurance company. The business activity began on 1 May 1873. In 1875, accident insurance was added. The company was renamed Transport- und Unfall-Versicherungs-Actiengesellschaft "Zurich" . In 1880 Zurich abandoned the marine business following a significant loss. Through 1894, it acquired licenses to conduct business in Austria , Prussia , Denmark , Sweden , Norway ,
13468-460: The 1821 Plan of Iguala also used América Septentrional. On two occasions (1821–1823 and 1863–1867), the country was known as Imperio Mexicano ( Mexican Empire ). All three federal constitutions (1824, 1857, and 1917, the current constitution) used the name Estados Unidos Mexicanos —or the variant Estados-Unidos Mexicanos , all of which have been translated as "United Mexican States". The phrase República Mexicana , "Mexican Republic",
13650-680: The 1824 constitution and promulgating the Seven Laws , which placed power in his hands. As a result, civil war spread across the country. Three new governments declared independence: the Republic of Texas , the Republic of the Rio Grande and the Republic of Yucatán . The largest blow to Mexico was the U.S. invasion of Mexico in 1846 in the Mexican–American War . Mexico lost much of its sparsely populated northern territory, sealed in
13832-555: The 1848 Treaty of Guadalupe Hidalgo . Despite that disastrous loss, Santa Anna returned to the presidency yet again before being ousted and exiled in the Liberal Revolution of Ayutla . The overthrow of Santa Anna and the establishment of a civilian government by Liberals allowed them to enact laws that they considered vital for Mexico's economic development. The Liberal Reform attempted to modernize Mexico's economy and institutions along liberal principles. They promulgated
14014-456: The 1920 presidential election. Since Carranza could not run for re-election, he chose a civilian to succeed him, intending to remain the power behind the presidency. Obregón and two other Sonoran revolutionary generals drew up the Plan of Agua Prieta , overthrowing Carranza, who died fleeing Mexico City in 1920. General Adolfo de la Huerta became interim president, followed by the election of General Álvaro Obregón . The first quarter-century of
14196-590: The 1930s, the Estrada Doctrine has served as a crucial complement to these principles. Mexico is a founding member of several international organizations, most notably the United Nations, the Organization of American States , the Organization of Ibero-American States , the OPANAL and the CELAC . In 2008, Mexico contributed over 40 million dollars to the United Nations regular budget. In addition, it
14378-747: The Aztec Empire began in February 1519 when Hernán Cortés founded the Spanish city of Veracruz . The 1521 capture of Tenochtitlan and posterior founding of the Spanish capital Mexico City on its ruins was the beginning of a 300-year-long colonial era during which Mexico was known as Nueva España ( New Spain ). Two factors made Mexico a jewel in the Spanish Empire: the existence of large, hierarchically organized Mesoamerican populations that rendered tribute and performed obligatory labor and
14560-701: The Constitutionalists. Wilson ordered troops to occupy the strategic port of Veracruz in 1914, which was lifted. A coalition of anti-Huerta forces in the North, the Constitutional Army led by Governor of Coahuila Venustiano Carranza , and a peasant army in the South under Emiliano Zapata defeated the Federal Army in 1914, leaving only revolutionary forces. Following the revolutionaries' victory against Huerta, they sought to broker
14742-662: The Crown's monopoly of revenue, only two ports were open to foreign trade—Veracruz on the Atlantic (connecting to Spain ) and Acapulco on the Pacific (connecting to the Philippines ). Among the best-known pirate attacks are the 1663 Sack of Campeche and 1683 Attack on Veracruz . Of greater concern to the crown was the issue of foreign invasion, especially after Britain seized in 1762 the Spanish ports of Havana and Manila in
14924-592: The Epi-Classic, Nahua peoples began moving south into Mesoamerica from the North, and became politically and culturally dominant in central Mexico, as they displaced speakers of Oto-Manguean languages . During the early post-classic era (ca. 1000–1519 AD), Central Mexico was dominated by the Toltec culture, Oaxaca by the Mixtec , and the lowland Maya area had important centers at Chichén Itzá and Mayapán . Toward
15106-519: The Farmers Exchange by the Group. Zurich's Farmers Insurance Group is the third largest insurance group in the United States. In December 2020, the Zurich group purchased the property and casualty insurance segment from MetLife for US$ 3.6 billion. The purchase, combined with a 10-year cooperation agreement between Farmers and MetLife is financed by Zurich group with US$ 2.43 billion while
15288-705: The Federal Police, Military Police, and Naval Police. As of 2022, the National Guard is estimated at 110,000. López Obrador has increasingly used military forces for domestic law enforcement, particularly against drug cartels. There have been serious abuses of power reported in security operations in the southern part of the country and in indigenous communities and poor urban neighborhoods. The National Human Rights Commission has had little impact in reversing this trend, engaging mostly in documentation but failing to use its powers to issue public condemnations to
15470-657: The French invaders and Liberalism became synonymous with patriotism. The Mexican Army that had its roots in the colonial royal army and then the army of the early republic was destroyed and new military leaders had emerged from the War of the Reform and the conflict with the French, most notably Porfirio Díaz , a hero of the Cinco de Mayo , who now sought civilian power and challenged Juárez on his re-election in 1867. Díaz then rebelled but
15652-486: The Mexican government encouraged Anglo-American immigration into present-day Texas, a region that bordered that United States. Mexico by law was a Catholic country; the Anglo-Americans were primarily Protestant English speakers from the southern United States. Some brought their black slaves, which after 1829 was contrary to Mexican law. In 1835, Santa Anna sought to centralize government rule in Mexico, suspending
15834-472: The Mexican revolution met at a constitutional convention to draft the Constitution of 1917 , which was ratified in February 1917. The Constitution empowered the government to expropriate resources including land, gave rights to labor, and strengthened anticlerical provisions of the 1857 Constitution. With amendments, it remains the governing document of Mexico. It is estimated that the revolutionary war killed 900,000 people out of Mexico's 15 million population at
16016-586: The National Guard, which was formed in 2019 from the disbanded Federal Police and military police of the Army and Navy. Figures vary on personnel, but as of are approximately 223,000 armed forces personnel (160,000 Army; 8,000 Air Force; 55,000 Navy, including about 20,000 Marines); approximately 100,000 National Guard (2021). Government expenditures on the military are a small proportion of GDP: 0.7% of GDP (2021 est.), 0.6% of GDP (2020). The Mexican Armed Forces maintain significant infrastructure, including facilities for
16198-602: The PAN was declared the winner, with a very narrow margin (0.58%) over leftist politician Andrés Manuel López Obrador of the Party of the Democratic Revolution (PRD). López Obrador, however, contested the election and pledged to create an "alternative government". After twelve years, in the 2012 presidential election , the PRI again won the presidency with the election of Enrique Peña Nieto . However, he won with
16380-450: The PRI and challenged Salinas in the 1988 elections. In 1988 there was massive electoral fraud , with results showing that Salinas had won the election by the narrowest percentage ever. There were massive protests in Mexico City over the stolen election. Salinas took the oath of office on 1 December 1988. In 1990 the PRI was famously described by Mario Vargas Llosa as the "perfect dictatorship", but by then there had been major challenges to
16562-670: The PRI's hegemony. Salinas embarked on a program of neoliberal reforms that fixed the exchange rate of the peso, controlled inflation, opened Mexico to foreign investment, and began talks with the U.S. and Canada to join their free-trade agreement , which culminated in the North American Free Trade Agreement (NAFTA) on 1 January 1994; the same day, the Zapatista Army of National Liberation (EZLN) in Chiapas began armed peasant rebellion against
16744-798: The Portuguese insurer and wealth management platform GamaLife – Companhia de Seguros de Vida, S.A. (GamaLife), for an undisclosed sum. Zurich said the transaction was expected to release approximately $ 1.2bn (£907m, €1bn) of capital. In March 2022, Zurich Insurance Group retired the short logo (a white Z in a blue circle) due to the symbol's association with the Russian invasion of Ukraine . Zurich's General Insurance business serves individuals, small and medium-sized businesses and major multinational corporations with motor, home, and commercial products and services. Zurich's Global Life business offers life insurance, savings, investment and pension products. In
16926-488: The Republican resistance led by Benito Juárez . The rise of Porfirio Díaz 's dictatorship in the 19th century sparked the Mexican Revolution in 1910, which led to profound changes, such as the 1917 Constitution . Over the 20th century, Mexico experienced significant economic growth ; as well as issues of repression and electoral fraud . The late 20th century saw a shift towards neoliberal policies, exemplified by
17108-476: The U.S. entered World War I. Although often viewed as an internal conflict, the revolution had significant international elements: Germany attempted to get Mexico to side with it, sending a coded telegram in 1917 to incite war between the U.S. and Mexico, with Mexico to regain the territory it lost in the Mexican-American War but Mexico remained neutral in the conflict. In 1916, the winners of
17290-612: The United States life insurance is issued by Zurich American Life Insurance Company with offices in Schaumburg, Illinois ; Overland Park, Kansas ; and New York City. Zurich's Farmers Insurance segment includes Farmers Management Services, which provides non-claims related management services to the Farmers Exchanges (not owned by Zurich). Zurich also owns the Farmers RE business which includes reinsurance assumed from
17472-401: The Z Zurich foundation by making a substantial investment of $ 100 million. In March 2013, Zurich announced its global flood resilience program, which aims to enhance community flood resilience by finding innovative ways to increase the impact of disaster risk reduction efforts at community, national and global levels. The first country program is taking place in Mexico and Indonesia. To maximize
17654-524: The army for a short period were incorporated as sectors of the single party that dominated Mexican politics from its founding in 1929. Obregón instigated land reform and strengthened the power of organized labor. He gained recognition from the United States and took steps to settle claims with companies and individuals that lost property during the Revolution. He imposed his fellow former Sonoran revolutionary general, Calles, as his successor, prompting an unsuccessful military revolt. As president, Calles provoked
17836-415: The arts and sciences. Díaz ruled with a group of advisors that became known as the científicos ('scientists'). The most influential científico was Secretary of Finance José Yves Limantour . The Porfirian regime was influenced by positivism . They rejected theology and idealism in favor of scientific methods being applied towards national development. An integral aspect of the liberal project
18018-460: The battlefield, Lerdo fled from office into exile. After the turmoil in Mexico from 1810 to 1876, the 35-year rule of Liberal General Porfirio Díaz (r.1876–1911) allowed Mexico to rapidly modernize in a period characterized as one of " order and progress ". The Porfiriato was characterized by economic stability and growth, significant foreign investment and influence, an expansion of the railroad network and telecommunications, and investments in
18200-490: The battlefield, but Conservatives sought another solution to gain power via foreign intervention by the French, asking Emperor Napoleon III to place a European monarch as head of state in Mexico. The French Army defeated the Mexican Army and placed Maximilian Habsburg on the newly established throne of Mexico, supported by Mexican Conservatives and propped up by the French Army. The Liberal Republic under Benito Juárez
18382-608: The capabilities to manufacture nuclear weapons, but abandoned this possibility with the Treaty of Tlatelolco in 1968 and pledged to use its nuclear technology only for peaceful purposes. Mexico signed the UN treaty on the Prohibition of Nuclear Weapons . Historically, Mexico has remained neutral in international conflicts, with the exception of World War II . However, in recent years some political parties have proposed an amendment of
18564-626: The colonial era. Notable Amerindian revolts in sporadically populated northern New Spain include the Chichimeca War (1576–1606), Tepehuán Revolt (1616–1620), and the Pueblo Revolt (1680), the Tzeltal Rebellion of 1712 was a regional Maya revolt. Most rebellions were small-scale and local, posing no major threat to the ruling elites. To protect Mexico from the attacks of English, French, and Dutch pirates and protect
18746-797: The community impact of the program, Zurich has formed a strategic alliance with the International Federation of Red Cross and Red Crescent Societies (IFRC). Zurich Insurance Group Ltd ("Zurich") is listed on the SIX Swiss Exchange under the ticker ZURN. As of 1 December 2012 there were 148,300,123 fully paid registered shares and 124,847 shareholders. 24.7% of the holding of the registered shares were private individuals (15.3% of all outstanding shares), 7.2% were foundations and pension funds (4.5% of all outstanding shares) and 68.1% were other legal entities (42.3% of all outstanding shares). In 2006, Zurich Financial Services settled
18928-721: The company merged with doppo, a digital auto insurance start up. Zurich Klinc is dedicated to promoting a healthy and sustainable lifestyle. As a result, it focuses on promoting and sponsoring sporting events such as the Orbea Monegros, and the Orbea Klasika in Bilbao. In November 2021, Zurich signed an acquisition agreement with Texas-based Special Insurance Services. On 3 January 2022, Zurich Insurance Group announced that its Italian subsidiary, Zurich Investments Life S.p.A. had agreed to sell its life and pension back book to
19110-686: The construction of large ceremonial centers. The earliest complex civilization in Mexico was the Olmec culture, which flourished on the Gulf Coast from around 1500 BC. Olmec cultural traits diffused through Mexico into other formative-era cultures in Chiapas, Oaxaca, and the Valley of Mexico. In the subsequent pre-classical period , the Maya and Zapotec civilizations developed complex centers at Calakmul and Monte Albán , respectively. During this period
19292-438: The country's bad bank, is just 37%". In 2019, the local branch of Zurich Insurance Group was one of four insurance companies fined by Portugal's competition authority AdC for "cartel practices" regarding workplace accident, health and auto insurance . In March 2022, Zurich Insurance suspended the use of its logo containing an encircled "Z" on social media due to the widespread international association of an enclosed "Z" as
19474-415: The country; temperate humid and sub-humid being found mostly on pastures at an elevation of 1,800 meters and higher in central Mexico and cold climate usually found at an elevation of 3,500 meters and beyond. Most of the country's territory has a temperate to dry climate. Areas south of the Tropic of Cancer with elevations up to 1,000 m (3,281 ft) (the southern parts of both coastal plains as well as
19656-479: The de facto head of Mexico, and the U.S. recognized his government while Zapata's forces in the south reverted to guerrilla warfare. After Pancho Villa was defeated by revolutionary forces in 1915, he led an incursion raid into Columbus, New Mexico , prompting the U.S. to send 10,000 troops led by General John J. Pershing in an unsuccessful attempt to capture Villa. Carranza pushed back against U.S. troops being in northern Mexico. The expeditionary forces withdrew as
19838-485: The deals." The states included in the settlement were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania and West Virginia. Zurich is also required to pay about $ 122 million in refunds to commercial policyholders in a New Jersey class action lawsuit settlement. Zurich Financial Services settled a bid-rigging and improper "finite reinsurance" transactions probe. Zurich Financial agreed to pay $ 153 million in restitution and penalties and agreed to
20020-446: The demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Life insurance policies were taken out in
20202-563: The design, research, and testing of weapons, vehicles, aircraft, naval vessels, defense systems and electronics; military industry manufacturing centers for building such systems, and advanced naval dockyards that build heavy military vessels and advanced missile technologies. Since the 1990s, when the military escalated its role in the war on drugs , increasing importance has been placed on acquiring airborne surveillance platforms, aircraft, helicopters , digital war-fighting technologies, urban warfare equipment and rapid troop transport. Mexico has
20384-590: The discovery of vast silver deposits in northern Mexico. The Kingdom of New Spain was created from the remnants of the Aztec empire. The two pillars of Spanish rule were the State and the Roman Catholic Church, both under the authority of the Spanish crown. In 1493 the pope had granted sweeping powers to the Spanish monarchy for its overseas empire, with the proviso that the crown spread Christianity in its new realms. In 1524, King Charles I created
20566-791: The early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based." In
20748-678: The end of the post-Classic period, the Aztecs (or Mexica ) established dominance, establishing a political and economic empire based in the city of Tenochtitlan (modern Mexico City ), extending from central Mexico to the border with Guatemala. Although the Spanish Empire had established colonies in the Caribbean starting in 1493 the Spanish first learned of Mexico during the Juan de Grijalva expedition of 1518. The Spanish conquest of
20930-642: The event of general average. In 1873 the "Association for the Reform and Codification of the Law of Nations", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the "International Law Association" in 1895. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on
21112-826: The extension of the Rocky Mountains from northern North America crossed the country from north to south and a fourth mountain range, the Sierra Madre del Sur , runs from Michoacán to Oaxaca . The Mexican territory is prone to volcanism . Mexico has nine distinct regions: Baja California , the Pacific Coastal Lowlands, the Mexican Plateau , the Sierra Madre Oriental , the Sierra Madre Occidental ,
21294-454: The federal government, which captured a few towns but brought world attention to the situation in Mexico. The armed conflict was short-lived and has continued as a non-violent opposition movement against neoliberalism and globalization . In 1994, following the assassination of the PRI's presidential candidate Luis Donaldo Colosio , Salinas was succeeded by victorious PRI candidate Ernesto Zedillo . Salinas left Zedillo's government to deal with
21476-706: The first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which
21658-472: The first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to
21840-607: The first minority or first-runner-up (one for each state and one for Mexico City), and 32 are elected by proportional representation from national closed party lists. The executive is the President of the United Mexican States , who is the head of state and government , as well as the commander-in-chief of the Mexican military forces. The President also appoints the Cabinet and other officers. The President
22022-612: The first true Mesoamerican writing systems were developed in the Epi-Olmec and Zapotec cultures. The Mesoamerican writing tradition reached its height in the Classic Maya Hieroglyphic script , the earliest written histories date from this era. The tradition of writing was important after the Spanish conquest in 1521, with indigenous scribes learning to write their languages in alphabetic letters, while also continuing to create pictorial texts. In Central Mexico,
22204-419: The float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . Claims and loss handling
22386-410: The form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives
22568-413: The former capital, Tenochtitlan (now Mexico City ). The Mexican War of Independence in the early 19th century was followed by political and socioeconomic upheaval. The Mexican–American War resulted in significant territorial losses in 1848. Liberal reforms introduced in the Constitution of 1857 prompted domestic conflict, French intervention , and the establishment of an Empire , countered by
22750-442: The height of the classic period saw the ascendancy of Teotihuacán , which formed a military and commercial empire. Teotihuacan, with a population of more than 150,000 people, had some of the largest pyramidal structures in the pre-Columbian Americas. After the collapse of Teotihuacán around 600 AD, competition ensued between several important political centers in central Mexico such as Xochicalco and Cholula . At this time, during
22932-543: The highest elevations are found at the Trans-Mexican Volcanic Belt which crosses Mexico east to west: Pico de Orizaba (5,700 m or 18,701 ft), Popocatépetl (5,462 m or 17,920 ft) and Iztaccihuatl (5,286 m or 17,343 ft) and the Nevado de Toluca (4,577 m or 15,016 ft). Two mountain ranges known as Sierra Madre Oriental and Sierra Madre Occidental , which are
23114-613: The increase of inequality between urban and rural areas. The Green Revolution , a technological movement that led to a significant worldwide increase in crop production, began in the Yaqui Valley of Sonora in the middle of the 20th century. With robust economic growth, Mexico sought to showcase it to the world by hosting the 1968 Summer Olympics . The government poured huge resources into building new facilities, prompting political unrest among university students and others. Demonstrations in central Mexico City went on for weeks before
23296-431: The indigenous language of Nahuatl . Tequila , the distilled alcoholic drink made from cultivated agave cacti is a major industry. Because of its high biodiversity Mexico has also been a frequent site of bioprospecting by international research bodies. The first highly successful instance was the discovery in 1947 of the tuber " Barbasco " ( Dioscorea composita ) which has a high content of diosgenin , revolutionizing
23478-460: The initiative of "Vita Lebensversicherungs-Gesellschaft", the first Vita Parcours ( fitness trails ) in Switzerland were created in 1968 and ZIM (Zurich Investment Management) was founded in 1990 as an investment management partner for redemption funds and institutional investors in Switzerland. As part of a new brand strategy, "Vita" became "Zurich" Life Insurance Company in 1993, operating in
23660-447: The insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at
23842-774: The insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take
24024-420: The insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risks, especially if
24206-409: The insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to
24388-542: The investments in the London Stock Exchange . In 2007, U.S. industry profits from float totaled $ 58 billion. In a 2009 letter to investors, Warren Buffett wrote, "we were paid $ 2.8 billion to hold our float in 2008". In the United States , the underwriting loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But overall profit for the same period
24570-404: The late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in
24752-443: The loss and out of pocket costs including, with the permission of the insurer, claim expenses. Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy,
24934-612: The losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Risk which can be insured by private companies typically share seven common characteristics: When
25116-462: The market under the name "Zürich Leben". While the name "Vita" thus disappeared from the market, it lives on in the "Stiftung Vita Parcours", which was outsourced in 1994. In 1994, "Zürich" took over the Zurich private bank "Rüd, Blass & Cie." Due to refocusing on the insurance business, the private bank was sold again in 2003. In 1996, Zurich acquired 80 percent of "Kemper Corporation" and 97 percent of "Kemper Financial Service" and in 1997 acquired
25298-411: The mob. On 16 September 1810, secular priest Miguel Hidalgo y Costilla declared against "bad government" in the small town of Dolores , Guanajuato. This event, known as the Cry of Dolores ( Spanish : Grito de Dolores ) is commemorated each year, on 16 September, as Mexico's independence day. The upheaval in the Spanish Empire that resulted in the independence of most of its New World territories
25480-408: The most Spanish speakers in the world. Mexico is a constitutional republic comprising 31 states and Mexico City , its capital and largest city , which is among the world's most populous metropolitan areas . The country borders the United States to the north; as well as Guatemala and Belize to the southeast. It has maritime borders with the Pacific Ocean to the west, the Caribbean Sea to
25662-418: The north like Monterrey , Hermosillo , and Mexicali experience temperatures of 40 °C (104 °F) or more in summer. In the Sonoran Desert temperatures reach 50 °C (122 °F) or more. There are 7 major climate types in Mexico with warm sub-humid climate being coastal up to 900 meters found mostly in the southern region of Mexico; dry and desertic climates being found in the northern half of
25844-432: The parent company pulled out of the specialist UK property market in 2010. They claimed that 71 Dunbar borrowers had been made bankrupt in the following five-year period, many more than by any of Britain's very much larger high street banks. One Dunbar customer wrote: "Dunbar's latest set of accounts show that over 95% of its loan book is now classified as impaired or overdue [...] the equivalent figure for UK Asset Resolution,
26026-417: The planned opening of the games, with the government of Gustavo Díaz Ordaz cracking down. The culmination was the Tlatelolco Massacre , which killed around 300 protesters based on conservative estimates and perhaps as many as 800. Although the economy continued to flourish for some, social inequality remained a factor of discontent. PRI rule became increasingly authoritarian and at times oppressive in what
26208-414: The policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for
26390-486: The political spectrum. The coalition also won a majority in both the upper and lower Congress chambers. His success is attributed to the country's opposing political forces exhausting their chances as well as AMLO's adoption of a moderate discourse with a focus on reconciliation. The first confirmed case of COVID-19 in Mexico occurred on 28 February 2020. The COVID-19 vaccination in Mexico began in December 2020. Claudia Sheinbaum , López Obrador's political successor, won
26572-470: The politics for the next 25 years, often known as the "Age of Santa Anna", until his overthrow in 1855. Mexico also contended with indigenous groups that controlled the territory that Mexico claimed in the north. For example, the Comanche controlled a huge territory in sparsely populated central and northern Texas. Wanting to stabilize and develop that area — and as few people from central Mexico had chosen to resettle to this remote and hostile territory —
26754-489: The post-revolutionary period (1920–1946) was characterized by revolutionary generals serving as Presidents of Mexico , including Álvaro Obregón (1920–24), Plutarco Elías Calles (1924–28), Lázaro Cárdenas (1934–40), and Manuel Avila Camacho (1940–46). The post-revolutionary project of the Mexican government sought to bring order to the country, end military intervention in politics, and create organizations of interest groups. Workers, peasants, urban office workers, and even
26936-406: The premium collected in order to assess rate adequacy. Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with "loss relativities"—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and
27118-408: The presidency of Lázaro Cárdenas , who expelled Calles from the country and implemented many economic and social reforms. This included the Mexican oil expropriation in March 1938, which nationalized the U.S. and Anglo-Dutch oil company known as the Mexican Eagle Petroleum Company , which would result in the creation of the state-owned Pemex . Cárdenas's successor, Manuel Ávila Camacho (1940–1946)
27300-448: The primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that
27482-401: The production of synthetic hormones in the 1950s and 1960s and eventually leading to the invention of combined oral contraceptive pills . The United Mexican States are a federation whose government is representative , democratic, and republican based on a presidential system according to the 1917 Constitution . The Constitution establishes three levels of government: the federal Union,
27664-404: The reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of
27846-499: The reference to financial services in the company name has been replaced by indicating the insurance activity of the Group instead and to specify the purpose accordingly." In December 2015, the CEO Martin Senn (who died by suicide in May 2016) announced his resignation. Despite years of highly profitable business operations, the focus was put on recent events which forced Senn to step down. Interim chairman Tom de Swaan [ nl ] took over as acting CEO. In January 2016, it
28028-459: The remaining US$ 1.51 billion is contributed by Farmers. Officially known as Zurich Insurance plc ('ZIP'), Zurich Ireland is a wholly owned subsidiary. ZIP is an Irish insurance company originally incorporated in 1950 and is Zurich Insurance Group's main legal entity for writing non-life insurance business in Europe. ZIP writes non-life insurance business across the European Union through its Irish head office and network of branches. In July 2023, it
28210-400: The rest in assets). The transaction was closed on 5 April 2002. In September 1998, Zurich and the financial division of British American Tobacco merged to form "Zurich Financial Services". This comprised the Swiss company "Zurich Allied AG", listed on the Swiss Market Index , and the British company "Allied Zurich plc", listed on the FTSE 100 ( Dual-listed Company ). In 2000, the structure
28392-406: The rest of Germany , France , Belgium , the Netherlands , Spain , Poland , Russia , Italy , Luxembourg , and Liechtenstein . Due to the change in 1894 from transport insurance to accident and liability insurance , it was renamed "Zurich" "Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft". Due to legal settlements in the area of workers' compensation, it took a risk and entered
28574-419: The risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while a person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in
28756-456: The scope of insurance cover. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by
28938-974: The second fastest rate of deforestation in the world, second only to Brazil. It had a 2019 Forest Landscape Integrity Index mean score of 6.82/10, ranking it 63rd globally out of 172 countries. According to SGI there is Deforestation and soil erosion especially in rural areas of Mexico. In the 2022 report it was noted environmental protection laws have improved in major cities but remain unenforced or unregulated in rural regions. In Mexico, 170,000 square kilometers (65,637 sq mi) are considered "Protected Natural Areas". These include 34 biosphere reserves (unaltered ecosystems), 67 national parks , 4 natural monuments (protected in perpetuity for their aesthetic, scientific or historical value), 26 areas of protected flora and fauna, 4 areas for natural resource protection (conservation of soil, hydrological basins, and forests) and 17 sanctuaries (zones rich in diverse species). Plants indigenous to Mexico are grown in many parts of
29120-463: The signing of the North American Free Trade Agreement (NAFTA) in 1994, amidst unrest in Chiapas . Mexico is a newly industrialized and developing country , with the world's 12th-largest economy by nominal GDP and 12th-largest by PPP . Mexico ranks first in the Americas and seventh in the world by the number of UNESCO World Heritage Sites . It is also one of the world's 17 megadiverse countries , ranking fifth in natural biodiversity . It
29302-407: The southeast, and the Gulf of Mexico to the east. Human presence in Pre-Columbian Mexico dates back to 8,000 BC as one of six cradles of civilization . Mesoamerica hosted civilizations including the Olmec , Maya , Zapotec , Teotihuacan , and Purepecha . Aztec domination of the area preceded Spanish conquest of the Aztec Empire , which established the colony of New Spain centered in
29484-428: The state governments, and the municipal governments. The federal legislature is the bicameral Congress of the Union , composed of the Senate of the Republic and the Chamber of Deputies . The Congress makes federal law , declares war, imposes taxes, approves the national budget and international treaties, and ratifies diplomatic appointments. The federal Congress, as well as the state legislatures, are elected by
29666-412: The summer and fall. Although low-lying areas north of the Tropic of Cancer are hot and humid during the summer, they generally have lower yearly temperature averages (from 20 to 24 °C or 68.0 to 75.2 °F) because of more moderate conditions during the winter. Mexico ranks fourth in the world in biodiversity and is one of the 17 megadiverse countries . With over 200,000 different species, Mexico
29848-438: The support of Canada, Italy, Pakistan and other nine countries, which form a group informally called the Coffee Club . The Mexican Armed Forces are administered by the Secretariat of National Defense ( Secretaria de Defensa Nacional , SEDENA). There are two branches: the Mexican Army (which includes the Mexican Air Force ), and the Mexican Navy . The Secretariat of Public Security and Civil Protection has jurisdiction over
30030-418: The telephone with settlement authority at a mandatory settlement-conference when requested by a judge. Mexico Mexico , officially the United Mexican States , is a country in the southern portion of North America . Covering 1,972,550 km (761,610 sq mi), it is the world's 13th largest country by area; with a population of almost 130 million, it is the 10th most populous country and has
30212-510: The time. Consolidating power, President Carranza had peasant leader Emiliano Zapata assassinated in 1919. Carranza had gained the support of the peasantry during the Revolution, but once in power, he did little to institute land reform, which had motivated many to fight in the Revolution. Carranza returned some confiscated land to their original owners. President Carranza's best general, Obregón, served briefly in his administration but returned to his home state of Sonora to position himself to run in
30394-403: The world and integrated into their national cuisines. Some of Mexico's native culinary ingredients include maize, tomato, beans, squash, chocolate, vanilla , avocado , guava , chayote , epazote , camote , jícama , nopal , zucchini , tejocote , huitlacoche , sapote , mamey sapote , and a great variety of chiles , such as the habanero and the jalapeño . Most of these names come from
30576-452: Was $ 68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies "investment companies that raise the money for their investments by selling insurance". Naturally,
30758-546: Was a government in internal exile, but with the end of the Civil War in the United States in April 1865, the Reunified U.S. government began aiding the Mexican Republic. Two years later, the French Army withdrew its support, but Maximilian remained in Mexico. Republican forces captured him and he was executed. The "Restored Republic" saw the return of Juárez, "the personification of the embattled republic," as president. The Conservatives had been not only defeated militarily but also discredited politically for their collaboration with
30940-485: Was advanced on a ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for
31122-445: Was announced that ZIP would undergo a "cross-border conversion" from a public limited company in Ireland to a Aktiengesellschaft (stock corporation) in Germany. Zurich expanded into US and Canadian market in 1912 to become one of the leading commercial P&C insurance provider. It serves a diverse set of industries including automotive, agriculture, construction, manufacturing, technology and numerous others. In 2009, Zurich
31304-425: Was announced that Zurich had hired Mario Greco , CEO of Generali as its next chief executive, and that he would start in May. Zurich Spain launched Klinc in 2018, a Spanish digital company that offers online insurance plans for cars, life, home, devices, and micromobility led by Stefano de Liguoro, Head of Digital at Zurich Seguros. The company sprung from the multinational insurance company Zurich Seguros. In 2021,
31486-410: Was awarded Charity Times "Best Insurance Services" and was shortlisted again in 2010. In 2012 the Zurich Community Trust (UK) won the Cross-Sector Partnership of the Year Award for its partnership with the treatment charity Addaction. According to its website, Zurich Community Trust has donated over £60 million since 1972, with the goal of addressing key social issues. It has supported over 600 charities
31668-424: Was crushed by Juárez. Having won re-election, Juárez died in office in July 1872, and Liberal Sebastián Lerdo de Tejada became president, declaring a "religion of the state" for the rule of law, peace, and order. When Lerdo ran for re-election, Díaz rebelled against the civilian president, issuing the Plan of Tuxtepec . Díaz had more support and waged guerrilla warfare against Lerdo. On the verge of Díaz's victory on
31850-625: Was due to Napoleon Bonaparte 's invasion of Spain in 1808. Hidalgo and some of his soldiers were eventually captured, Hidalgo was defrocked, and they were executed by firing squad on 31 July 1811. The first 35 years after Mexico's independence were marked by political instability and the changing of the Mexican state from a transient monarchy to a fragile federated republic. There were military coups d'état, foreign invasions, ideological conflict between Conservatives and Liberals , and economic stagnation . Former Royal Army General Agustín de Iturbide became regent, as newly independent Mexico sought
32032-492: Was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. Insurance involves pooling funds from many insured entities (known as exposures) to pay for
32214-427: Was in question. Spain attempted to reconquer its former colony during the 1820s but eventually recognized its independence. France attempted to recoup losses it claimed for its citizens during Mexico's unrest and blockaded the Gulf Coast during the so-called Pastry War of 1838–1839. General Antonio López de Santa Anna emerged as a national hero because of his role in both these conflicts; Santa Anna came to dominate
32396-403: Was more moderate, and relations between the U.S. and Mexico vastly improved during World War II , when Mexico was a significant ally. From 1946 the election of Miguel Alemán , the first civilian president in the post-revolutionary period, Mexico embarked on an aggressive program of economic development, known as the Mexican miracle , which was characterized by industrialization, urbanization, and
32578-432: Was reorganized under a single holding company under Swiss company law. All old shares were replaced by new shares in the newly formed "Zurich Financial Services" (ZFS) with a first listing on the SIX Swiss Exchange in Zurich and a second listing in London . In 2002, ZFS focused on insurance-related financial products and services. ZFS returned to profitability in 2003, announcing that it had met its targets and posted
32760-403: Was secular education. The Díaz government led a protracted conflict against the Yaqui that culminated with the forced relocation of thousands of Yaqui to Yucatán and Oaxaca. As the centennial of independence approached, Díaz gave an interview where he said he was not going to run in the 1910 elections, when he would be 80. Political opposition had been suppressed and there were few avenues for
32942-407: Was the only Latin American member of the Organisation for Economic Co-operation and Development since it joined in 1994 until Chile gained full membership in 2010. Mexico is considered a regional power hence its presence in major economic groups such as the G8+5 and the G-20 . Since the 1990s Mexico has sought a reform of the United Nations Security Council and its working methods with
33124-490: Was used in the 1836 Constitutional Laws . The earliest human artifacts in Mexico are chips of stone tools found near campfire remains in the Valley of Mexico and radiocarbon-dated to circa 10,000 years ago. Mexico is the site of the domestication of maize, tomato, and beans , which produced an agricultural surplus. This enabled the transition from paleo-Indian hunter-gatherers to sedentary agricultural villages beginning around 5000 BC. The formative period of Mesoamerica
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