Baku, Azerbaijan, Nov. 27
By Khalid Kazimov – Trend:
Following a powerful earthquake in western Iran, an insurance official has called on the nation to purchase fire policies which cover earthquake risks, as well.
“The people should cover the risks of an earthquake and natural disasters by insurance policies,” IRNA news agency quoted Mahmoud Amrollahi, the head of Razi insurance firm, as saying .
He said that fire policies cover damage or loss to the properties because of fire and earthquake.
The 7.3 magnitude earthquake that shook Iran’s western regions on Nov.12 killed about 500 people and injured thousands.
Local officials earlier estimated that the earthquake caused a total loss of 26 trillion rials ($641 million).
The insurance industry has so far paid about 90 billion rials ($2.2 million) to 1,717 claims in the earthquake hit areas.
According to the insurance officials only 3 percent of the properties located in the area were insured.