Istanbul floods cause billions in insurance claims and widespread damage

Recent severe flooding in Istanbul and surrounding provinces, including Kocaeli, Antalya, and Bursa, has resulted in significant economic losses. Insurance companies have received over 3,000 damage claims, with total payouts expected to approach 4.5 billion TL. The majority of these claims, approximately 4 billion TL, fall under fire insurance policies which cover flood damage for homes and businesses, while nearly 1,000 claims involve vehicle casco insurance.

In the Ayazağa district, local business owners reported heavy damage to machinery, vehicles, and inventory due to the Cendere Stream overflowing. Some entrepreneurs estimated individual losses as high as 15 million TL. Local merchants have attributed the severity of the flooding to urban development and construction that has narrowed natural stream beds.

Beyond physical and financial damage, consumers have reported secondary grievances on platforms like Şikayetvar, citing issues with prolonged power outages, service disruptions, and difficulties in the repair and reimbursement processes. In response to the disaster, Commerce Minister Ömer Bolat announced 80 million TL in cash support for affected tradespeople.