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Earthquake damages expected to top HUF 1 bln

An earthquake Saturday night that hit 4.8 on the Richter scale is estimated to have caused damages exceeding HUF 1 billion in Hungary.

An earthquake Saturday night that hit 4.8 on the Richter scale is estimated to have caused damages exceeding HUF 1 billion in Hungary.

Insurers have been receiving reports from directly after the quake, and over the days the number as well as the value of the claims continued to increase.

AEGON said it filed some 1,000 reports and is preparing to pay approximately HUF 180 – 200 million to affected clients. Allianz Hungária and Groupama Garancia announced 375 and 430 reports, respectively

The latter also reassured homeowners that the 4.8 earthquake magnitude is covered by their policies, hence they will be compensated once the assessment is complete.

AEGON estimates that the aggregate number of reports will reach 3,000 from the Budapest region and western Hungary, the areas closest to the epicenter. Insurers are set to pay HUF 540 million to their clients. However, including homes and other assets that are not insured, AEGON believes the aggregate damage tally may well come in over HUF 1 billion. (BBJ)