Natural catastrophe insurance of Iceland
Natural catastrophe insurance of Iceland is a public institution whose task is to insure the main value against natural disasters. All buildings in Iceland are insured against natural disasters. Premiums are collected alongside fire insurance. The following structures must also be insured, even if they are not fire-insured: Heating facilities, water supplies, sewage facilities, harbour facilities, electricity installations and telephone and telecommunications installations owned by municipalities or the State Treasury, together with ski lifts and bridges, longer than 50 metres.
Report damage caused by natural disasters
It is important to:
report the loss within one year, otherwise the insured may lose his right to claim compensation
take photographs and preserve damaged items
wait for repairs until NTÍ has had a chance to assess the damage.
News
Premium to NTÍ increased
Althingi recently approved an amendment to the Act on the Natural Catastrophe Insurance of Iceland (NTI) which authorises the agency to temporarily increase premiums by 50%.
NTÍ and Þórkatla have agreed on the prioritization of properties that Þórkatla is buying in Grindavík
The Natural catastrophe insurance of Iceland (NTÍ) and Þórkatla have agreed on the prioritization of issues in Grindavík. Some of the houses that Þórkatla has bought in recent weeks in Grindavík have been damaged by the earthquakes. The purchase of around 720 residential buildings has been approved and a considerable part of them will have to go through a damage assessment by NTÍ, and some have already gone through such an assessment.