Istanbul flood prompts nearly $57 mln flood insurance cost

Noyan Doğan - ISTANBUL

Heavy rainfall and flash floods that hit Istanbul in the early hours of July 18 have costed insurance companies 200 million Turkish Liras ($57 million), according to experts. 

Millions of locals in Istanbul struggled and waded to work in the morning after early-morning thunderstorms boomed over the city, dumping torrents of rain and swamping transport networks. Several underpasses, intersections and some metro and bus stops were closed, leaving thousands of pedestrians stranded. Many buildings and offices were flooded as swirling waters tore down trees and utility poles. A number of minor traffic accidents have been recorded so far.  

Floods are one of the most occurred natural disasters in Turkey, according to sector reports. 

An average of 24 floods erupt across the country on an annual basis, concluding nearly $2.5 billion insurance costs.      

The biggest cost was caused by another flood in Istanbul, which hit the country’s largest city in 2008, as insurers paid more than $1 billion to their customers for the damages they faced.

Insurance companies have now been expected to pay around $57 million to their customers for their losses during the latest Istanbul flood. 

Almost 95 percent of the damaged cars are under coverage, according to sector experts. 

Most damaged properties and offices are being covered as well, although an exact percentage could not be determined.