Fourth Information Notice on CCS Activity Following the Volcanic Eruption on the Island of La Palma

On 30 September, in line with its usual timeframes for handling claims under extraordinary-risk insurance, the Consorcio de Compensación de Seguros (CCS, Spain's Insurance Compensation Consortium) has begun making the first payments to insured parties by bank transfer.

FOURTH INFORMATION NOTICE ON CCS ACTIVITY FOLLOWING THE VOLCANIC ERUPTION ON THE ISLAND OF LA PALMA

1. On 30 September, in line with its usual timeframes for handling claims under extraordinary-risk insurance, the CCS has begun making the first payments to insured parties by bank transfer

These are the first compensation claims relating to homes destroyed by lava, which have resulted in a payment of €624,243.

1. So far, the CCS has received 289 compensation claims, covering 230 homes, 43 motor vehicles, 15 shops and 1

Of these, 201 come from Los Llanos de Aridane; 73 from El Paso; 7 from Tazacorte; 4 from Breña Alta; 3 from Villa de Mazo; and 1 from Santa Cruz de La Palma.

All claims have been passed on to the team of loss adjusters appointed to assess the compensable damage.

The CCS will continue paying out compensation as the expert reports are completed and the insurance contracts of those affected are reviewed.

1. 72% of claims have been submitted through the CCS website (consorseguros.es), 27% by calling the CCS customer service centre (freephone number 900 222 665). A residual 1% have sent their claims on paper.

Insurers, acting on behalf of the affected insured parties, requested compensation in 56% of cases; insurance intermediaries (agents or brokers) in 33% of cases; and the insured party requested it directly themselves in the remaining 11% of cases.

Next Saturday and Sunday, the customer service centre will again be open from 9am to 3pm.

1. Finally, the CCS reminds those affected by the volcanic eruption of the following:

• the CCS compensates damage to property and people that are
• therefore, only where the damage is insured can those affected request compensation from the CCS using the freephone number or website noted above.
• in the very likely event that affected insured parties are unable to access their policies and other documents needed to request compensation and for the CCS to assess the compensable damage, the CCS recommends that the claim be made through the insurer or the insurance intermediary, who hold the full details of the cover in their
• the CCS will process every compensation claim it receives, regardless of how late affected insured parties submit it. There is, in short, no maximum deadline for submitting a
• the CCS calculates compensation based on the clauses and sums insured set out in the insurance contract and on the special rules laid down in the Extraordinary Risk Insurance Regulation (Royal Decree 300/2004)

Madrid, 30 September 2021