The insurance cost of severe rainfall and flooding that affected Istanbul and five other Turkish provinces has approached 2 billion Turkish Liras, according to data from the Turkish Insurance Association.
The total outstanding claims reserve allocated for 2,379 damage files under fire and car insurance stood at 1.91 billion.
Insurance companies allocated 1.6 billion liras in outstanding claims reserves for 1,638 fire insurance files and 345.8 million liras for 741 car insurance files related to damage reported in Istanbul, Kocaeli, Antalya, Yalova, Bursa and Sakarya.
Under fire insurance, the highest outstanding reserve was set aside for Istanbul at 1.4 billion liras, followed by Kocaeli at 164.3 million liras. In the car insurance segment, Istanbul also recorded the largest reserve allocation, at 311.8 million liras.
As of Oct. 19, no payments had yet been made under car insurance policies, while some claims under fire insurance had already been settled.
A total of 2,453 claims notifications were filed under flood and water damage coverage.
As of Oct. 19, the total number of active fire and motor insurance policies providing flood and water damage coverage in Istanbul, Kocaeli, Antalya, Yalova and Bursa stood at 5.22 million.
