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The association, led by José Garamba de Oliveira, stressed the need to have a catastrophic risk protection system that protects people and their homes, recalling that it has repeatedly proposed solutions to the Government and Parliament.
The Portuguese Association of Insurance Companies (APS) has warned that only 19% of households in Portugal have earthquake risk insurance, which shows the need to establish a catastrophic risk protection system to protect people and their homes.
“APS, on behalf of its associated insurance companies, is pleased that the earthquake that occurred today did not cause any human or material damage, but reinforces the message that has been conveyed for decades, about the need to have a protection system against catastrophic risks that protects people and their homes,” he said in a statement released on Monday, after a 5.3-magnitude earthquake struck the country, but did not cause any human or property damage.
“We are facing not just uncertainty, but real risks that will occur at an uncertain time,” the APS said, stressing that in Portugal “47% of households have no insurance, 34% have fire insurance or multi-risk insurance but not earthquake risk insurance, and only 19% have earthquake risk insurance”.
Therefore, “there is still a long way to go to have a safe housing stock that can offer a minimum level of protection against such events”, he recalls, “Portugal is located in a seismic zone and has already been severely affected by one of the largest earthquakes ever recorded”.
“The insurance industry, with its extensive experience in managing events of this type and an operating model based on the pooling and sharing of risks and losses on a global scale, can make its contribution and has already done so on several fronts. It proposes to the government and parliament a possible solution to protect people and their homes”, said the association, led by José Galamba de Oliveira.
The APS hopes that this earthquake “will play a decisive role in accelerating the decision to create a mechanism to help citizens face and mitigate the damage that high-intensity earthquakes can cause in our country, thus contributing to the reconstruction of normal life that can affect people’s lives after such events.”
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