More than 14,700 insurance claims for damages resulting from the Port of Beirut explosion have been reported by November 6 with a total value of LL1.66 trillion ($1.1 billion at the official exchange rate of LL1,507), according to a report by the Insurance Control Commission (ICC).
Nearly 95 percent of the total value of the claims is reinsured, according to the ICC report.
The compensations settled so far represent just 1.2 percent of the total claims as the cause of the blast has not been disclosed yet.
The lion’s share of the claims is for fire insurance and amounts to $1 billion. The second and third largest categories of claims are contractors’ all-risk insurance ($20 million) and motor insurance ($18 million).
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