Sofia Hailstorm May Cost Insurance Companies BGN 100M

Business | July 10, 2014, Thursday // 10:28
Bulgaria: Sofia Hailstorm May Cost Insurance Companies BGN 100M Photo by BGNES.

The damages from the disastrous hailstorm that hit Sofia on Tuesday are yet to be assessed, but they are expected to run up to at least BGN 40-50M, according to experts.

According to the head of the National Bureau of Bulgarian Motor Insurers Orlin Penev, the compensations could reach BGN 100M, Capital Daily informs.

The insurance companies have sufficient resources to cover all compensations. The latest data of the Bulgaria's Financial Supervision Commission shows that at the end of 2013, insurance companies had a total of over BGN 1.55B reserves and over BGN 637M equity.

Meanwhile, the windshields for the most popular car brands have been sold out in the specialized auto repair shops in Sofia and will not be available for at least a few weeks, Nova TV reports.

The Interior Ministry issued a statement saying that drivers will not be fined for missing third-party liability vehicle insurance stickers, as well as for annual technical inspection stickers and vignettes because of hail-broken windshields, however they will need to recover their documents. In the next few days the traffic policemen will only issue warnings.

Hundreds of owners of damaged cars have been queuing in front of the insurance companies offices in Sofia on Wednesday after the severe hailstorm that ravaged the city on Tuesday.

Insurance companies informed they will provide simplified procedures and quick payment of compensations to customers whose property was damaged by the hail.

A number of companies have extended their office hours for damage registrations as well as the deadline for compensation applications. On Thursday, there are still queues in front of the insurance offices, however the situation is returning to normal, Nova TV informs.

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Tags: hailstorm, sofia, insurance companies, third-party liability vehicle insurance, vignettes, compensations, damages
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