Insurance companies in Cyprus have paid compensation to property owners affected by the deadly Limassol wildfire, with total claims expected to reach approximately €20 million, according to industry sources.
The Cyprus Association of Insurance Companies (CAIC) confirmed that insurers have already begun settling claims for the estimated 150 to 200 insured properties that were damaged or completely destroyed in the blaze.
Andreas Athanasiades, general manager of CAIC, told Phileleftheros that insurance companies possess sufficient liquidity to handle the compensation payments and continue normal operations without financial strain.
Companies have already paid compensation to clients whose properties were completely destroyed, whilst simultaneously processing claims for homeowners who suffered partial damage, Athanasiades said.
He explained that properties with total destruction require no damage assessment, enabling immediate compensation payments. Properties with partial damage require professional assessment before settlement.
Atlantic reports €1.5 million in total claims
Atlantic Insurance announced on 8 August 2025 through the Cyprus Stock Exchange that the recent Limassol fire had caused damage to multiple insured properties.
The company estimates total compensation will reach €1.5 million, with net costs after reinsurance deductions approximately €650,000, based on initial assessments.
“The final economic cost will be determined once damage assessment and claims evaluation are completed, provided no unexpected additional developments arise,” Atlantic stated.
Cosmos settles majority of property damage cases
Cosmos Insurance reported on 19 August 2025 that damage had been recorded to more than fourteen properties, with three suffering total destruction.
The estimated economic impact reaches approximately €500,000, with net costs for the company after reinsurance limited to €250,000.
Cosmos confirmed it has already settled the majority of claims, paying relevant compensation to beneficiaries. The company expects to complete the compensation process within the coming days.
The insurer emphasised its commitment to supporting policyholders from the outset and pledged immediate updates should any changes occur to current projections.
Only two insurance companies have publicly disclosed their claim costs, though industry sources indicate all insurers have begun compensation payments to affected policyholders.
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