Insurance cost of flood in Istanbul and 4 provinces reached 12 billion lira

While the damage assessment and investigation processes continue in the insurance sector following the heavy rains in the region, data regarding the cost of the disaster in question continues to take shape.

According to the data of the Insurance Association of Türkiye, the highest share in the distribution of the damage by branches was taken by fire insurance (commercial, industrial, residential) with 8 billion 936.8 million lira and 74.5 percent. Motor insurance ranked second with 2 billion 717.4 million liras and a share of 22.7 percent.

In the said period, 302.6 million liras of damage occurred in construction all risk insurance, 25.5 million liras in electronic device insurance, 6.8 million liras in machinery breakage insurance, 2.5 million liras in commodity transportation insurance and 1 million liras in assembly insurance.

In the damage amounts incurred on a provincial basis, Istanbul ranked first with 10 billion 770.1 million liras and a share of 89.8 percent. Kocaeli followed Istanbul with a damage amount of 907.1 million lira and a share of 7.6 percent. Damage of 282.1 million lira was recorded in Sakarya, 22.4 million lira in Yalova and 10.7 million lira in Bursa.

On the other hand, while the payment of 1053 files was completed within the scope of flood and flood coverage, a total of 582 million lira compensation was paid to the rights holders for these files. Thus, the ratio of the paid damage to the total damage amount was 4.9 percent.

The outstanding compensation provision allocated by insurance companies for 8 thousand 662 outstanding files, which are still being investigated, was recorded as 11 billion 410.4 million liras.

Source: TRT Haber Ekonomi RSS (Open Press / Translated Full Text)