Insurers value February storm damage at €9 million

The Malta Insurance Association has valued the damages from the storm that battered the island back in February at €9 million. The storm set a new record with regard to the value of claims received by Insurance Companies to date, the association said

“Just under 2,000 claims have been received, and a total of €8.635 million has been set aside as reserves by Insurance Companies. While most of these claims are still subject to further checks and surveys which insurance companies may undertake, around 8% of these claims have already been settled,” a spokesperson for the association said.

The association said that storm wielded the “highest ever value of claims which the local insurance industry has ever received.” It said the intensity of the storm underlines the importance of protecting one’s own property against unexpected perils through insurance and the importance of regular maintenance to buildings.

“In comparison to the severe hail storms, which took place in 2013 and 2015 which had a significant impact on motor vehicles. The February storm caused a great deal of damage to property, which includes both private and commercial property.”

The value of claims for private property and household policies topped €3.757 million. On the other hand, claims damages to commercial properties rose to € 3.315 million. Claims for damages sustained to motor vehicles, boats and yachts amounted to €0.633 million and €0.930 million.

The Association said that it would continue to monitor the situation closely, even though it does not anticipate any significant changes in these figures.

READ MORE: Malta counts the cost of storm damage