News Middle East18 Aug 2020

Lebanon:Port blast insurance claims reach US$425m to date

| 18 Aug 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.

To date, 2,500 claims have been filed. The ministry expects claims to reach 10,000.

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 fulfill their obligations towards those affected by the blast at a meeting with Mr Nehme and a delegation formed by members of the insurance industry.

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