Insurers hit with few flood claims
The number of flood-related insurance claims has been fewer than expected despite the Kingdom’s worst flooding in a decade, industry insiders say. Although the floods, which began in late August, had affected large sections of the country, few claims had been made, Infinity Insurance chief executive David W Carter told the Post. “Flood-related claims have made up less than one per cent of total claims [since the flooding began],” he said, adding that these were relatively minor losses. “Claims are in line with budget expectations, and we have not received any major claims that would affect our financial strength,” Carter said, with the majority of claims derived from the Siem Reap area. Infinity had maintained a strong financial position, supported by re-insurers including Swiss and Munich Re, he said…
