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.



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