Iceland
Iceland Title
Natural Catastrophe Insurance of Iceland (NTI)
Iceland Description
Natural Catastrophe Insurance of Iceland (NTI) is a government institution and functions as an insurance company. Catastrophe insurance is compulsory for all buildings as well as for contents insured against fire and government owned lifelines (infrastructure). Direct physical losses resulting from earthquakes, volcanic eruptions, avalanches, landslides, rock falls and riverine-, costal- and glacial floods are covered by the insurance.
The catastrophe cover is a stand-alone policy with a single premium of 0.025% for properties and contents and 0.02% for infrastructure. A deductible of 2% for each loss as well as a minimum deductible is applied.
Iceland News adn Events
News and Events
2 February 2024
The National catastrophe insurance of Iceland (NTÍ) has received a total of 432 reports of damage due to the natural disaster in Grindavík, of which 8 reports were received last week. 266 house properties and 15 contents have been inspected, but 122 damage to house property and 29 damage to contents/moveable property remain uninspected, which is unclear when it will be possible to inspect.
30 January 2024
In regard to the planned relocation of contents of homes from Grindavík, The National catastrophe insurance of Iceland (NTÍ) has compiled the following points for information.
12 December 2023
Following seismic activity and a magma dike opening crevasses in Grindavík, Iceland, Hulda Ragnheiður Árnadóttir, director of the Natural Catastrophe Insurance of Iceland, has said the damage to homes and infrastructure could amount to ISK 10 billion ($71.4 million).
https://www.almannavarnir.is/english/