Lebanon: Port blast insurance claims reach $425m
Source: Middle East Insurance Review | Oct 2020
Insurance claims arising from the 4 August warehouse explosion at the Port of Beirut have so far reached $425m, according to Caretaker Economy Minister Raoul Nehme.
By mid-August, approximately 2,500 claims had been filed. The ministry expects to receive 10,000 claims.
Estimates are that total insured losses from the Beirut port explosion are likely to total around $3bn while economic losses are assessed at $15bn.
Lebanese President Michel Aoun urged insurers to fulfil their obligations towards those affected by the blast at a meeting with Mr Nehme and a delegation formed by members of the insurance industry.
German reinsurer Munich Re said it faces claims of at least EUR100m ($118.5m) stemming from the deadly explosion that ravaged much of downtown Beirut, reported Bloomberg. It said losses in the “low three-digit-million euro range” are expected, mostly relating to property, according to a company statement.
AM Best has said that for the international market, marine business lines and properties are expected to be affected by the blast, while locally in Lebanon, property insurance represents a small portion of the Lebanese insurance industry, which is dominated by three sectors that include life, medical and auto insurance. M
EUR1 = $1.18