Iran: Quake-hit residents supported by insurance
Source: Middle East Insurance Review | Jun 2017
The magnitude-5.7 earthquake which struck Iran on 13 May and its aftershocks over the following days have damaged 40% of residential buildings in Bojnurd County, North Khorasan Province.
Compensation for damaged buildings in 11 villages stricken by the recent quake will be paid for by insurers, said Mr Mohammad Farid Latifi, Deputy for Reconstruction at the Crisis Management Organisation. “Last year (ended 20 March), all residential buildings in villages across the province, which is prone to natural disasters, were brought under insurance coverage under a plan devised by the government,” he said.
“The government will also provide financial assistance to the tune of US$1,500 (IRR60 million) to every household affected by the quake,” he added, according to a report in Financial Tribune.
A loan of $7,500 at an interest rate of 5% and with a 15-year repayment term will also be offered to each affected household.
The quake killed two people, injured 400 and caused widespread damage in northeast Iran. M