In what is expected to be the most costly natural catastrophe in the history of Spain, insurers want to move forward as soon as possible in the declaration of claims to the Insurance Compensation Consortium (CCS) and the payment of compensation to those affected.
In a natural disaster like this, the CCS, dependent on the Ministry of Economy, is in charge of managing incidents and compensation. But the Administration’s paperwork is a problem. For this reason, the insurance sector has privately demanded that the Government of Pedro Sánchez launch a simplified file to be able to more easily declare all claims, which in some cases are reported by the affected person themselves and in others by their insurer. This is stated by sources familiar with the contacts consulted by ABC. The Consortium already has models for this, as well as help lines, but insurers claim that they are cumbersome processes that make processing difficult, as well as not very agile.
And that is not the only request that insurers have made to those responsible for the CCS. As far as money is concerned, although the Minister of Economy, Carlos Bodyhas announced that they plan to begin paying the first compensation this week, the sector has asked the Executive to allow the companies themselves to advance compensation as soon as possible and reduce the times to days and not weeks.
The model would be similar to that done with Hurricane Klaus more than a decade ago. An event in which the Consortium also participated but in which the insurers ended up advancing the compensation money to expedite the help. The ball is in Economy’s court.
The management by the insurers, thus, is being enormous, to the point of personally calling their insured in the area. And sources in the sector affirm that to date what has been reported most is damage to vehiclesand not so much about homes. The insurers are still not clear about the volume of claims that must be sent to the Consortium and, for the moment, the only official figure is the one notified yesterday by Minister Corps: they have received in five days 46,000 compensation requests and 40% of them are already being processed. In any case, financial sources indicate that the Consortium has around 7,000 million euros in cash to face events like this.
In theory, those affected have seven days to notify the incident, but yesterday Carolina Lameiro, deputy director general of Inspection of the General Directorate of Insurance and Pension Funds, confirmed at the 31st Meeting of the Insurance Sector, organized by ABC, Deloitte and Mapfre, that The Consortium will not take this period into account to receive notifications.
In this same forum, Mirenchu del Vallepresident of the Unespa insurance association, indicated her “total willingness” to help in an event “whose magnitude today we cannot calculate, but I do believe that we all agree that it will be the most important incident caused by a climate event in our country.” country”. The positive note is that in the Valencian Community there is an insurance rate of 76%.
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