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Beirut Explosion: 25% of insurance claims submitted for $425 million

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Insurance claims toward the massive explosion at the Port of Beirut have so far reached $425 million, according to a minister.

This photo shows a general view of the scene of an explosion that hit the seaport of Beirut, Lebanon on Aug. 4, 2020. The massive explosion rocked Beirut flattening much of the city’s port, damaging buildings across the capital and sending a giant mushroom cloud into the sky. Killed at least 178 people, injured 6,000 people and forced around 300,000 out of their homes in the city, which was already sinking deep into financial crisis. Some 30-40 people remain missing. Damages were estimated at $15 – 20 billion

Caretaker Economy Minister Raoul Nehme said 2,500 claims have been filed, according to the presidency’s Twitter account. The ministry expects claims to reach 10,000.

The value of the claims filed so far ( $425 million) represent a very small percentage ( 2- 3% ) of the overall expected claim amount $15 to 20 billion

Nehme met Lebanon’s president along with a delegation from insurance companies.

INSURANCE JOURNAL

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