Natural catastrophe insurance of Iceland
Status of damage assements in Grindavik
12th March 2024
NTÍ has received about 500 reports of damage in Grindavík since the events began there on 10th of November last year. During the review of submitted damage claims, it has become apparent that more than one damage claim has been submittet for several cases, and therefore the number of cases that require processing by NTÍ is slightly below the submitted damage claims, or 474. Damage assessment has been completed in 196 cases, processing by assessors has started in 217 cases, but 61 cases are awaiting damage inspection. Of these 474 cases, 414 are related to real estate, 54 related to personal property and contents, and six related to utility systems.
Of these 474 cases, 414 are related to real estate, 54 related to personal property and contents, and six related to utility systems.
Notifications regarding housing properties are split so that 335 are for residential properties and 79 for commercial properties. The final number of altjon houses is not known, but it can be expected that they will be in the range of 70-75. Settlements for total damage to property have been initiated in 62 cases, of which 34 are for residential buildings where the total amount of compensation is around ISK 2.4 billion and 28 are for commercial buildings where the total amount of compensation is around ISK 3.4 billion.
Low compensation amounts in partial damage cases
Compensation amounts due to partial damage have been assessed in 112 cases, and work is being done to present those cases to the owners. Of those, 102 are partial damage cases to residential property where the total amount of compensation is a total of 180 million ISK, or an average of 1.8 million per case. 10 partial damage cases to commercial buildings have been assessed, where the total compensation amounts to a total of 46 million ISK, or about 4.6 million on average per case.
In 82 cases, it is the assessment of the assessors that the damage is lower than the own risk or that the event is not the cause of the damage to the property and therefore will not result in payment of damage compensation in those cases. Own risk in each loss is at minimum ISK. 400,000
A total of 54 reports of damage to movable property and contents have been received, and damage assessments have been completed in 37 cases. The estimated amount of compensation in these 37 cases is about 60 million ISK. Six notifications have been received due to damage to utility systems, but the extent of that damage is not known.