Natural catastrophe insurance of Iceland
Natural catastrophe insurance of Iceland is a public institution whose task is to insure the main value against natural disasters. All buildings in Iceland are insured against natural disasters. Premiums are collected alongside fire insurance. The following structures must also be insured, even if they are not fire-insured: Heating facilities, water supplies, sewage facilities, harbour facilities, electricity installations and telephone and telecommunications installations owned by municipalities or the State Treasury, together with ski lifts and bridges, longer than 50 metres.
Report damage caused by natural disasters
It is important to:
report the loss within one year, otherwise the insured may lose his right to claim compensation
take photographs and preserve damaged items
wait for repairs until NTÍ has had a chance to assess the damage.
News
Insurance companies will handle damage assessments due to sea floods
Events where flooding from the ocean suddenly reaches land and causes damage or destruction to insured property are considered natural disasters that NTÍ insures against, and therefore the damage that occurred in the weekend's sea floods will be examined and assessed by NTI and a decision will be made regarding liability for compensation.
Premium to NTÍ increased
Althingi recently approved an amendment to the Act on the Natural Catastrophe Insurance of Iceland (NTI) which authorises the agency to temporarily increase premiums by 50%.