News Middle East29 Nov 2020

Lebanon:Insured losses from Beirut Port blast reach US$1.1bn

| 29 Nov 2020

Insured losses from the 4 August devastating Beirut Port explosion reached $1.1bn as of 13 November 2020, according to the Insurance Control Commission (ICC).

The ICC's periodic monitoring report of insured losses from the explosion shows that there were 14,921 submitted insurance claims as of 13 November 2020, with the corresponding insured losses estimated at $1.1bn based on the official exchange rate of the Lebanese pound against the US dollar, says a bulletin item in Lebanon This Week published by Byblos Bank's Economic Research & Analysis Department.

The ICC indicates that it issued the report in the absence of an official report from Lebanese authorities that specifies the cause of the blast and assigns responsibilities. The distribution of claims is as shown:

Segment

Number of claims

% of total

Estimated

insured losses

% of total

Property & casualty

9,471

63.5%

$1.04bn

97.4%

Motor

4,888

32.8%

$17.5m

1.6%

Health

468

3.1%

$1.7m

0.2%

Protection & savings

94

0.8%

$8.2m

0.8%

Total

14,921

100.0%

$1.07bn

100.0%

 

According to the ICC, insurers settled $15.6m worth of insured losses as of 13 November 2020, including $9.8m in P&C claims, $5.3m in motor claims, $0.5m in health claims, and $49,088 in claims related to protection & savings.

The ICC indicates that reinsured losses amounted to $1bn, or the equivalent of 94.4% of the estimated losses, while retained losses totalled $59.5m at 13 November 2020.

 

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