Cyprus Insurance Association puts damages from recent storms at €10 mln

Insurance claims from the recent storms and floods in September, as well as those at the end of October, totalled 10 mln euros, according to the Insurance Association of Cyprus.
The insurance industry body said that damages from the storms and flooding between October 27 and November 2 were greater than the whirlwind and storms in September.
Data compiled from the claims filed by 19 companies in the general insurance sector showed that the total value of 852 claims has so far reached 4,742,855 euros and is expected to rise to beyond 5 mln euros.
According to the Association, the 708 claims filed in September had a total value of EUR 4,088,284.
Of the new claims, 208 were for damages to cars, estimated at EUR 608,496, 683 claims were for damages to properties, estimated at EUR 3,968,343 and nine claims were for other damages estimated at EUR 166,000. The were primarily from damages caused by flooding.
The Insurance Association of Cyprus has appealed to the public to take preventive measures and insure their properties against various risks. It adds that households should seek professional advice and insure all their properties and assets, “most of which have been acquired after years of hard work.”
“The insurance cover against destruction from extreme weather conditions, many of which have increased in frequency in recent years, reduces to a large extent the risks to which people are exposed to, and quite often at a minimal cost.”
However, the Association also appealed to the state and the local authorities to speed up the construction of any necessary infrastructure projects that will help reduce the destruction to private and public properties from extreme weather conditions.