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Earthquake Insurance

Insurance Companies Tally Up the Damage from Baliís October 13, 2011 Earthquake

(11/6/2011) PT Asuransi Mairpark and other public insurers are estimating the cost of damages resulting from the October 13, 2011, earthquake in Bali will come to a figure between Rp. 3-5 billion (US$333,000 –US$555,000).

As reported by Bisnis Indonesia, Frans Y. Sahusilawane, president director of Maipark Insurance, confirms that the claims received to date total Rp. 150 million (US$16,600); a number he expected to grow as more claims are filed.

Sahusilawane said that he anticipated the total claims will amount to Rp. 3-5 billions.

Among the 30 claims received to date in connection with the October 13th earthquake involved 19 buildings that suffered damage from the earthquake. He explained: “The earthquake claims primarily come from commercial structures – such as banks, hotels and retail shops. Most claims are coming from retail outlets, including Carrefour. There are no claims from government offices, hospitals or private residences.”

He estimated that his company’s share of the total claims resulting from the earthquake would only be 10% of the eventual total or an amount estimated between Rp. 300-Rp. 500 million.

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