Turkish insurers have set aside nearly TRY 2 billion (USD 40.4 million) to cover damage caused by severe rainfall and flooding that affected Istanbul and five other provinces in mid-October, according to the Insurance Association of Türkiye (TSB), quoted by Daily Sabah.

As of October 19, insurers had established reserves exceeding TRY 1.9 billion for 2,379 claims under property and motor own-damage policies. Property insurance accounted for the largest share, with TRY 1.56 billion reserved for 1,638 claims, while motor own-damage reserves reached TRY 345.75 million for 741 claims.

Istanbul accounted for most of the estimated insured losses, with property claims reserves of approximately TRY 1.39 billion and motor reserves of TRY 312 million. Claims payments were still at an early stage, with only 13 property claims settled and no motor claims paid.

The floods, triggered by rainfall described as the heaviest recorded since 1942, caused extensive damage across Istanbul, Kocaeli, Yalova, Bursa, Sakarya, and Antalya. Authorities reported approximately 20,000 damage notifications, including serious damage to around 2,000 homes and 900 businesses.