Saturday, 25 October 2014  -  01 Muharram 1436 H

Damage may top SR1 billion

JEDDAH – Businesses in the flood-hit areas across Jeddah may incur losses of up to SR1 billion following Wednesday’s heavy downpour, a businessman said.
Businesses have been completely paralyzed, said Saeed Al-Basami, deputy manager of a ground vehicle transport company.
The four-hour-long rains have damaged a large chunk of the commercial and industrial establishments in the city, Al-Basami said.
Owners of insured vehicles damaged following Wednesday’s flooding have swamped their insurers with auto damage claims of up to SR70 million, an insurance company employee, conservatively estimated Thursday.
“And there are many more claims to come,” said Muhammad Al-Shahrani, a policy salesman. A lot of owners are still out of town on holiday and will place their auto claims when they come back.
At least 3,000 vehicles have been swept away and damaged by the street floods, said a Civil Defense official.
“We received 560 reports from our clients in less than 24 hours and we will reimburse them as per contract,” Al-Shahrani said.
“The southern part of the city was badly affected and most of the claims have come from owners living in that area,” he said.
Poor infrastructure of roads and bridges will increase the losses of insurance companies, he added.
People will begin to realize the benefit of having insurance, Al-Shahrani said. “It alleviates the financial burden from the insured at a time of stress,” he explained. ­– Okaz/SG
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