Beirut explosion: low indemnities for the insured

explosions port BeyrouthOne year after the explosion that took place in the port of Beirut, several claims have not yet been compensated by insurance companies.

According to the latest figures published by the Insurance Control Commission (ICC), the amount of claims filed with insurers by the end of June 2021 stands at 1 430 billion LBP (950 million USD). On this date, the amounts disbursed by the insurers represent a mere 13% of the total amounts claimed.

The Lebanese authorities are still conducting investigations to identify the origins of the explosion (accident, political or terrorist act). Another obstacle to a quick compensation is the fact that most reinsurers refuse to cover the loss before knowing the cause.

However, industry professionals expect to see an acceleration in payments.

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