03/07/2023

Volcano eruption in La Palma: almost fully compensated

The Spanish Consorcio de Compensación de Seguros (Insurance Compensation Consortium) has already paid 232.4 million euros to the insured affected by the volcanic eruption on the Canary island of La Palma, which represents 97.5% of the 12,761 requests received.

Most damage occurred in homes and neighbourhood associations (193 M/€). The rest affected cars, shops, hotels, offices and industries. Llanos de Aridane was the most affected municipality with almost half of aid requests and with €168.84 M/€ of compensation paid.

Serious events like the one in La Palma remind us of the importance of insuring your assets. Without insurance, the island could not have been rebuilt as soon as possible. It is not only about insuring your assets, because they are not just “things”; a house, a car, your business premises, for example. It is about your life. Volcanoes, floods, earthquakes are unfortunate natural disasters that occur. Although they can be foreseen somewhat in advance, they cannot be avoided. If in addition to experiencing a disaster of this level, you find that your whole life was destroyed, how do you recover? Insure what matters most to you.

Our Brokerage would like to congratulate the Consortium, demonstrating once again that the Insurance Sector’s work is essential for protecting our heritage.

 

Foto «Wikimedia Commons» / CC BY-SA 4.0