Istanbul flooding's cost for insurers may amount at about USD 57 million

Heavy rainfall and flash floods that hit Istanbul in the early hours of July 18 have cost insurance companies TRY 200 million (USD 57 million), according to experts quoted by hurriyetdailynews.com.

A heavy rainfall hit Istanbul on Tuesday, flooding streets and causing disruption to public transport and a number of minor road accidents, officials and AFP correspondents said. Also many buildings and offices were flooded. A number of minor traffic accidents have been recorded so far.  

Floods are one of the most frequent natural disasters in Turkey, every year its territory being affected by an average of 24 floods, concluding nearly USD 2.5 billion insurance costs. The most "expensive" recent flooding episode in Istanbul was recorded in 2008, when insured losses amounted to some USD 1 billion.

Almost 95 percent of the damaged cars are under coverage, according to sector experts.  Most damaged properties and offices are being covered as well, although an exact percentage could not be determined, reported the Turkish journal.



Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Turkey: BMS to expand its ops with local counterpart

The independent re/insurance broker BMS Group Limited (BMS) said it has entered into a tied representative agreement with Turkish specialist re/insurance broker RONESANS Reasurans ve Sigorta Brokerlik A.S. (RONESANS).

2018-06-28

A Turkish operational leasing firm acquired MAGDEBURGER Sigorta

Turkish operational leasing company BORLEASE Otomotiv acquired MAGDEBURGER Sigorta, a non-life small insurer owned by two local units of German group ALLIANZ: the non-life unit ALLIANZ Sigorta (80%) and the life and pension company ALLIANZ Yasam ve Emeklilik (20%).

2018-06-07

HOWDEN to acquire majority stake in Turkish broker ACP

HOWDEN, part of HYPERION Insurance Group, announced that it has entered into an agreement to acquire a majority stake in Turkey largest independent re/insurance broker ACP from private equity fund MEDITERRA CAPITAL and existing management shareholders.

2018-04-12

Turkey to establish a nuclear insurance pool, under TCIP's management

TCIP - the Turkish Natural Catastrophe Insurance Pool will sett up a nuclear insurance pool to offer EUR 700 million of protection for each of the country's first nuclear power plants, soon to be built in Akkuyu and Sinop, according to Berat ALBAYRAK, minister of Energy and Natural Resources, reports Hurriyet.

2017-12-07

ON THE MOVE

TOP EVENT

LIVE: IIS Global Insurance Forum 2018 / Day2

The works of the Global Insurance Forum continued today in Berlin, Germany. Providing security for ageing populations in health care and pensions terms, as well as innovation and InsurTech or innovative strategies for the future development of the industry are on the today's agenda.

10.07.2018

See all