One of the biggest earthquakes in Hungary's history caused extensive damages in several parts of the country.
An earthquake that hit 4.8 on the Richter scale is estimated to have caused damages exceeding HUF 1 billion in Hungary. The event occurred on January 29 about 70 kilometers west of Budapest, with an epicenter near Oroszlány.
Insurers have been receiving reports from directly after the quake, and over the days the number as well as the value of the claims has continued to increase.
Insurance company 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 magnitude earthquake is covered by their insurance policies, hence they will be compensated once the assessment has been completed.
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. According to reports, there were certain villages in the Vértes region where the walls of every single building cracked and older chimneys toppled.
Insurer K&H Biztosító said most of its clients who have home insurance are also aware of the prospective earthquake risks and 75% of them include them in the list of events they want to get coverage for.
Groupama Garancia found that the overwhelming majority of report claims are in the lower value range, seldom exceeding HUF 100,000. The company promised that these cases will be evaluated as priority cases and homeowners may expect to receive the involved amounts within a day or two.
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 exceed HUF 1 billion. (GR)