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Natural Catastrophe Insurance of Iceland Frontpage

Natural catastrophe insurance of Iceland

Damage assessments in Grindavik are going well

27th February 2024

For the past two weeks assessors from NTI have been assessing damages in Grindavik, in total there have been 408 damage claims reported to NTI for houses and 53 claims for household items. Assessors that are working for NTI come from Verkis, Efla, VSÓ and Cowi (prior know as Mannvit). In addition three independent assessors are working for NTI. Of the 408 claims 330 are from private house owners and 78 are from businesses.

At least over 90% of the reported damages have been examined at least once. NTÍ assumes additional damage may have occurred after damage assessments took place before end of last year. It is possible that the assessors will have to go to each place more than once, but there has been no reason to go back to all the houses that were inspected before the end of last year. When the result of the damage assessment is presented to the owners, they can report additional damage to NTÍ, if applicable, and the property will then be re-examined before a decision is made in the case.


While there is great uncertainty about a possible volcanic eruption in Grindavík, it has been decided to wait with further inspections in Grindavík. Magma accumulation has been constant recently and scientists estimate that an eruption could start at any moment, although it is difficult to say exactly when it will happen.


A total of 74 properties have suffered total damage


In light of this, the focus is now on the processing of damage estimates, and work on the preparation of cost estimates, finishing these estimates will take several weeks. There is a large variation in the extent of damage, as a result damage assessment varies greatly depending on how close the houses are to the fissures that run through the town. The number of properties on which assessors have confirmed total loss is still increasing, but 74 of the properties that have been examined are now assessed as total loss, but they are divided into 42 residential properties and 32 commercial properties. Quite a lot of damage is at the owners own risk and with insignificant damage acc. the first result of the assessors, but they are generally the houses that lie further from the cracks that cross the town.

Contact us

Telephone: 575 3300

Email: nti@nti.is

Opening hours

Monday - Thursday:
9 to 15

Friday: 9 to 14

Address

Hlíðarsmári 14

201 Kópavogur