70% of the damages resulting from the devastating explosion in the Beirut port are not covered by insurance.

August 17, 2020

70% of the damages resulting from the devastating explosion in the Beirut port are not covered by insurance.

The Association of Insurance Companies in Lebanon (ACAL) has said that about 70% of the damages resulting from the 4 August devastating explosion in the Beirut port are not covered by insurance.

According to preliminary estimates, the value of insured damages may exceed $2bn, or about 30% of the total damages resulting from the blast

An investigation is being carried out into the cause of the blast. Insurance compensation is linked to the cause if the blast was a result of a terrorist or war action, compensation from insurers will be limited to those who hold terrorism, political risk or war damages cover.