Banks must approve most compensation claims

Bank approval is necessary for the payment of insurance compensation for the recent natural disasters that hit the country in the case of mortgage loans to businesses and households.

It is noted that 70% of the damage caused by storms Daniel and Elias was to residential properties purchased through mortgages, while for businesses the percentage is almost universal, since the vast majority of have debts to banks.

Given that – based on insurance contracts – banks are the beneficiaries in the event of a disaster caused by natural phenomena which damages a mortgaged asset, they are asked to evaluate the requests sent by the insurance companies.