Insurers resolve 96% of claims from Portugal storms
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The Portuguese Insurance Association reported receiving 224,000 claims following severe weather that impacted Portugal earlier this year, and they have now resolved 96% of those claims filed by individuals.
José Galamba de Oliveira, president of the association, stated this figure to a parliamentary committee focused on national resilience and disaster prevention. The association noted that the volume of claims within a 15-day period equaled six months of typical operations for multi-risk insurance.
Insurers began making payments to policyholders during that same period. The Portuguese Insurance Association acknowledged the insurance sector handled the large number of claims effectively, but also urged that lessons be learned from the process. They specifically pointed to instances of price speculation regarding construction materials and highlighted a need for increased financial literacy regarding insurance coverage among citizens. The association also plans to improve communication with those who filed claims, providing quicker updates on their cases.
Finally, the president requested the swift establishment of a center for catastrophic risk protection.
