Beirut Explosion: loss estimate

libanAccording to the Association of Insurance Companies in Lebanon (ACAL) only 30% of the damages of Beirut’s explosion are to be covered by insurance. The incident took place in the port of Beirut on 4 August 2020.

The association says the losses vary between 5 and 10 billion USD. Marine loss estimates are believed to reach 200 million USD.

In the event of a terrorist act or war, the cover only includes the companies/people who benefit from a terrorism, political risk or war insurance.

Lebanese government says that it was 2 750 tonnes of ammonium nitrate, stored in a warehouse for 6 years, that caused the explosion.

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