Mr Elie Torbey, president of the Association of Insurance Companies of Lebanon (ACAL) and vice president of General Arab Insurance Federation (GAIF), has said that the losses suffered by insurance companies from the 4 August Beirut Port explosion are estimated at around $1.5bn, lower than previously reported in the media.
The figure was announced by Mr Torbey at a virtual symposium organised by GAIF on 30 September.
The disaster was caused by the explosion of around 2,750 tonnes of ammonium nitrate stored at the port. It killed nearly 200 people and injured more than 6,000.
Insurance companies are still waiting for the results of formal investigations into the cause of the explosion so as to classify the blast and decide liability.