The amount of damages incurred by the insurance sector related to the 14-15 October flood disaster in Turkiye has reached at least TRY11.46bn ($229.2m) from 9,738 claims filed, according to data from the Insurance Association of Turkiye.
The TRY11.46bn insured loss total, recorded as of 26 October, TRY10.28bn or 90% was reported in Istanbul, the economic hub of the country. The total outstanding claims amounted to TRY11bn while the amount of damages paid was TRY463.53m.
Heavy rainfall caused flooding and water damage in many parts of Istanbul. The disaster damaged homes, businesses, industrial facilities and vehicles, and disrupted infrastructure and transportation services. Stock and equipment losses in businesses, interruptions in production or commercial activities, and infrastructure damage also added to the economic costs.
By branch, fire insurance ranked first in terms of damages incurred with TRY8.65bn (75.5% share). Comprehensive vehicle insurance accounted for TRY2.48bn; while construction all-risk insurance saw an incurred loss of TRY299.7m as of 26 October.
Damage claims continue to be filed and the total insured losses are still to be determined.