Damage claims are highest in nine years

Damage caused by last week’s floods will result in the largest insurance payout in almost a decade, according to three leading insurers. Insurance companies were still counting the cost yesterday as claims on damaged cars, houses, businesses and yachts were still pouring in one week after the storm of September 3. Matthew von Brockdorff, deputy managing director at Atlas Insurance, said his company had received claims to the value of €1 million. Atlas received 45 claims valued at €200,000 for damaged cars and 185 claims valued at €800,000 for damage caused to property, commercial outlets and yachts. “The number of claims and their cost is the largest since 2003 but it is still a long shot from that event,” Mr Brockdorff said. A six-hour-long storm on September 15, 2003 caused widespread damage and led to a record €14 million worth of insurance payouts. Malta had also tapped emergency EU funds at the time, after the European Commission classified the event as “a major disaster” and awarded a grant of almost €1 million. Mr Brockdorff, who is also president of the Malta Insurance Association, an umbrella group for insurance firms, said it was too early to come up with a global sum...