Filenews 21 August 2025 - by Charalambos Zakos
The insurance companies have not only proceeded with the assessment of the damages from the deadly fire in Limassol, but have even paid compensation amounts to several owners of properties that have been damaged or completely destroyed.
Although so far only two insurance companies have made relevant announcements – through which they inform about the cost of the losses – however, according to information from "F", all insurance companies have already proceeded with the payment of compensation to the affected persons who were insured with them.
According to the same information, the cost for insurance companies is expected to reach close to 20 million euros, since about 150 to 200 properties of those that have been damaged or completely destroyed were insured.
The General Director of the Cyprus Association of Insurance Companies, (SAEK), Andreas Athanasiades, speaking to "F", confirmed the information that insurance companies have already proceeded with compensation. Asked if there is a problem with some insurance companies due to the costs that they will shoulder, Mr. Athanasiadis replied in the negative, Clarifying that companies have the liquidity to proceed with the compensation and then continue their operations normally.
According to Mr. Athanasiadis, insurance companies have already paid compensation to their customers whose premises were completely destroyed, while at the same time compensation is proceeding to homeowners who suffered damages.
As he explained, for those that have premises that have been completely destroyed, there is no need for a damage assessment, which is why compensation has already been given, unlike the cases of houses that have suffered some damages for which an assessment is required and then the payment of compensations is made.
The damages for Atlantic and Cosmos
As we mentioned above, two insurance companies have so far announced the costs they will bear for compensation on premises.
With its announcement on August 8, 2025, Atlantic, informed through the CSE that the recent fire in Limassol had caused damage to a number of premises that were insured with the company.
Although the company does not mention a number of premises affected, it nevertheless refers to amounts based on initial estimates.
More specifically, as the company notes, although it is still early to determine the financial impact for the company from the fire, the management of Atlantic estimates that the total amount of compensation will amount to €1.5 million and the net cost after deducting the share of the reinsurers to about €650,000. "The final financial cost will be determined as soon as the assessment of losses and receivables is completed and provided that no unforeseen additional developments occur," the company concludes in its announcement.
A few days later, and specifically on Wednesday, August 19, 2025, a new announcement emerged from a different insurance company, in which, however, more data are mentioned, regarding at least the number of homes that were affected and were insured with the company.
In particular, Cosmos said in a statement to the CSE that so far damage has been recorded to more than fourteen premises, three of which suffered total destruction. The estimated financial impact is around €500,000, with the net cost for the company, after reinsurance, limited to €250,000.
The company said that it has already settled most of the claims, paying the beneficiaries the relevant compensations. It also stressed that the final financial cost of the damages is expected to be formed upon the completion of the compensation process, which is expected to be completed within the next few days.
Finally, she underlined that from the very first moment she has been by her insured persons, providing every possible support, and assured that in case there is any change in the above provisions, she will immediately proceed with relevant information.
