Indonesia insurance claims from floods may top rp500 bln

Jakarta (Antara News) - Insurance claims for losses from floods that inundated Jakarta and nearly towns over the past four days could reach over 500 bln rupiah, an industry official said.

"Judging from the size of the area that was inundated by the flood, I estimate that the total insurance claim could top 500 bln rupiah, or even more," the head of Indonesia's general insurance association Frans Sahusilawane told XFN-Asia.

He said the figure is more than double the total insurance claim caused by floods in the capital city in 2002, which reached 200 bln rupiah.

The official said several shops, buildings, offices, manufacturing plants, cars and upscale houses have been damaged by the latest flood.

He said the extent of losses recorded by general insurance firms will depend on what exactly was covered under insurance policies.

"Therefore the general insurance claims may not reflect the total damage caused by the flood," he said.

He noted his association members are currently assessing the damage, in coordination with appraisal firms.

He expects to have a clear picture on total claims in the next seven days. (*)
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