Flood damage claims push insurance reserves in six Turkish provinces toward 2 billion lira

Data from the Turkish Insurance Association indicate that flood-related insurance liabilities in Istanbul, Kocaeli, Antalya, Yalova, Bursa and Sakarya are nearing 2 billion Turkish lira. The association has earmarked an outstanding claims reserve of 1.91 billion lira for 2,379 damage files covered by fire and car policies. Fire insurance reserves total 1.6 billion lira for 1,638 files, with Istanbul alone accounting for 1.4 billion lira, followed by Kocaeli at 164.3 million lira.

Car insurance reserves stand at 345.8 million lira for 741 files, again led by Istanbul with 311.8 million lira. As of Oct. 19, no car-insurance payments have been issued, while a few fire-insurance claims have already been paid. In total, 2,453 flood and water-damage notifications were filed, and there are 5.22 million active fire and motor policies providing such coverage in the affected provinces.