Insurance companies warn of the need for insurance covering seismic risk in Portugal.
With the latest earthquake in Portugal, the Portuguese Association of Insurers (APS) warns about the importance of having seismic events coverage in home insurance. Find out more at the following link:
APS warns that "safe housing estates should have the minimum protection against this type of events"
Following the earthquake on the early morning of August 26 in Portugal, the Portuguese Insurance Association (APS) expressed its concern regarding the need for this protection system in Portugal.
According to what can be read on News at the Minute, APS emphasizes that it is not "a mere uncertainty, but a real risk, of certain occurrence, at an uncertain moment".
The association's data demonstrate that currently, only 19% of the country's homes have insurance covering seismic risks, as 47% do not even have insurance, and 34% only have fire or multi-risk insurance, without coverage for seismic events.
"There is still a long way to go for the safe housing park to have the minimum protection against this type of events," APS said in the news.
Even though the earthquake felt in the early morning of the 26th did not cause any damage, APS recalls the 1755 earthquake that devastated part of Lisbon and other areas of the country, which should alert those living in a seismic zone.
"The insurance sector, with its experience in managing this type of events, stemming from its operating model based on risk and loss mutualization and sharing worldwide, is available to contribute, and has already presented to the Government and parliament a possible solution for the protection of people and homes," the explanation reads.
Therefore, the association now hopes that the earthquake that occurred will accelerate the decision to create a mechanism that can help citizens to face and mitigate the damages that a stronger earthquake may cause in Portugal.
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