After last Tuesday night, when DANA hit hard the province of Valencia, as well as other municipalities of Albacete, Cuenca and in some areas of Andalusia, Neither public bodies nor insurance companies are able to quantify the damages that caused the floods.
Given this, some companies such as the comparator Rastreator ventured to estimate that the Consortium will compensate on average 100,000 euros per household affected by the storms. Since it still does not know the amount of material assets that DANA took away nor how many total hectares have been flooded, the Insurance Compensation Consortium does collect the total insured capital that exists in each province.
Specifically, Valencia, the most affected area, has material assets protected with insurance policies worth almost 377,000 million eurosbeing the third most insured province in all of Spain after Barcelona (905,000 million euros) and Madrid (just over a billion euros). Obviously The Consortium will not have to respond to this multi-million dollar figurebecause this figure represents the total insured in the entire province, but the areas that probably have compensation from the Consortium are approximately 50 municipalities in which almost 700,000 people live.
In more detail, Valencia is third in the three parameters measured by the Insurance Compensation Consortium report: insured homes, vehicles and other risks. Households account for more than 70% of total insurance, while the value of insured vehicles barely exceeds 5.5 billion euros.
For their part, the other regions that have also been affected by DANA are cheaper. Albacete has an insured capital almost seven times less than Valencia (54,000 million euros), and Cuenca is up to fifteen times smaller in terms of insurance (around 24.5 billion).
Of course, this variable also depends a lot on the number of inhabitants of each province. He top 3 coincides with the fact that they are the largest population centers, although this order is not necessarily followed. Unespa already mentioned yesterday that in Valencia there are 77% of insured homes, a figure that is above the average in Spain, which is 74%.
However, this is a figure that varies greatly within the territory, since in Albacete it barely reaches 65%. and Cuenca is the region with the fewest home policies in all of Spain: Only 54% have protection against adverse weather effects.
Insurers get involved
Flood claims are one of the cases in which insurers are not the ones who have to respond to their insured, but rather the Consortium intervenes as it is considered an “extraordinary risk.” It is not the only incident, since the public body also compensates insured victims if an accident is declared and it is proven that it was caused by winds of more than 120 kilometers per hour; with earthquakes and tidal waves or volcanic eruptions.
Therefore, although companies do not have the obligation to respond to their clients’ complaints, many are contributing by acting as intermediaries with the Consortium and They have deployed helplines 24 hours a day, reinforced their staff of agents and other mediators or they are even providing psychological help to whoever requires it.
The president of the insurance association, Unespa, clarified that the insurers are “at the disposal of the Consortium to try to recover normality as soon as possible” and also wanted to convey a message of tranquility, since “all the damage caused by DANA are covered by insurance.
The arrival of compensation, an unknown
As this newspaper has learned, the areas in which the core of claims are registered are still inaccessible to the experts of the Insurance Compensation Consortium, who will be in charge of determining compensation. Therefore, the arrival of funds to those affected “is still unknown”, as is the total damage caused by this DANA that is still developing in the east of the country. Even so, the public insurance payment will arrive before the public aid to which those affected will also have access, according to Unespa. They emphasize that this aid, together with compensation, will not be able to exceed the total damage caused by the storm.
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