Compensation for damage to vehicles damaged by the fire in Prior Velho amounts to 2.85 million euros.

The estimated value of the compensation paid and allocated to settle the damage caused to vehicles damaged in the August fire in Prior Velho, in Loures, is more than 2.85 million euros, the Portuguese Insurance Association reported on Monday.

More than 200 cars were destroyed on August 16 in a fire in the Prior Velho industrial area, a car park near Lisbon airport owned by a car assembly company.

The Portuguese Insurance Association (APS) said in a statement that as of Monday, the number of claims received by insurance companies for vehicles insured against fire had exceeded 120.

“The cost of more than €2.85 million is expected to rise substantially as more claims are received and once all losses covered by insurance are determined.”

The APS also notes that several insurance companies have created groups to monitor the incident to ensure that the related processes are resolved quickly.

The Association “has no information about the causes and determination of the liability of the participants in this accident, as well as the existence of any insurance that could cover this liability or other material damage.”

APS says it will republish updated information as soon as new data becomes available to support it.

Last week, Generali Tranquilidade said in a statement that it had created a team to address the event within the framework of a specific action plan.

“This special action plan has already allowed Generali Tranquilidade to settle 75% of the claims filed (37) in just seven working days, with compensation already paid,” the insurance operator said.

The fire, which did not cause any personal damage and did not spread to nearby warehouses, broke out at around 6pm on August 16. The Judicial Police is investigating the cause of the fire.