Lm6m insurance bill likely for storm damage

The Malta Insurance Association estimates that flood damage to homes, businesses and boats during the storm of September 15 will cost insurers close to Lm6 million.

The precise total economic damage to insured property was still being evaluated but it would be significantly lower than the total damage to Maltese property, as only a small proportion of private risks were insured, the association said.

The association said an overview of the insured losses incurred in the storm indicated that insured homes suffered flooding damage to a potential cost of Lm715,000. This accounted to close to 64 per cent of the total weather-related claims incurred for home policies during the whole of 2002.

The overall flood and lightning damage to business property will cost insurers about Lm4.6 million, again higher than the total amount of claims incurred under the same class of business in 2002.

Motor, yacht and pleasure craft weather-related claims totalled some Lm630,000.