The Portuguese Association of Insurers (APS) warned this Monday of the need for a system of protection against catastrophic risks in Portugal, highlighting that only 19% of homes currently have insurance covering seismic risk.
In a statement released after the morning earthquake, APS recalled that “for many decades” it had warned of the need for such a protection system in Portugal, stressing that it was “not just an uncertainty, but rather a real risk of a certain event at an uncertain time.”
According to the association, only 19% of homes in the country currently have insurance with seismic coverage, while 47% have no insurance at all, and 34% have fire or multiple-peril insurance but no seismic coverage.
Therefore, he stresses, “there is a huge way to go to ensure that the safe housing stock has minimal protection against these types of events.”
And while Monday’s earthquake appears to have caused no damage, APS notes that Portugal is in a seismic zone and “was already severely damaged by one of the largest earthquakes in history, which occurred in 1755 and which then destroyed part of the city of Lisbon and other areas of the country.”
“The insurance sector, with its experience in managing events of this type, thanks to its operating model based on mutual sharing of risks and losses at a global level, is ready to contribute and has already presented on several occasions to the government and parliament a possible solution to protect people and homes,” he says.
In this context, APS hopes that the earthquake that occurred this Monday “will be decisive in accelerating the decision to create a mechanism to help citizens cope and mitigate the losses that a strong earthquake could cause” in Portugal.
The earthquake, measuring 5.3 on the Richter scale, was recorded at 5:11 a.m. and had an epicentre 58 kilometres west of Sines, in the district of Setubal. The shock did not cause any personal or material damage, according to the National Emergency and Civil Protection Authority (ANEPC).
According to the Portuguese Institute of the Sea and Atmosphere (IPMA), “to date, four aftershocks of low intensity have been registered, none of which have been felt by the population.”
Author: Lusa
Source: CM Jornal
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