The cost of damage is estimated at 20 billion TL

The extent of the damage caused by the flood disaster in Istanbul began to become clear. According to the notices received by insurance companies so far, 1,700 workplaces and residences and 440 vehicles affected by the flood were damaged. It is stated that the insurance industry estimates that the total damage due to the disaster may be approximately 400 million dollars.

THE MAJOR PART OF THE DAMAGE IS EXPECTED TO BE COVERED BY REINSURANCE COMPANIES

It is pointed out that not all the damage caused by the flood will fall directly on the insurance companies. Insurance companies also receive guarantees from reinsurance companies in order to reduce the risks they undertake and protect their financial structures against possible major damages.

In this context, 10 percent of the total damage of approximately 400 million dollars, that is, approximately 40 million dollars, may remain on the insurance companies; It is estimated that the remaining amount of approximately 360 million dollars can be covered by reinsurance companies.

However, it is stated that the final cost will be shaped according to the coverage limits, exemptions and damage sharing conditions in the insurance and reinsurance contracts. It is expected that new damage notices that will reach insurance companies in the coming days will further clarify the extent of the total damage.