(Bloomberg) – The Borsa Istanbul Insurance Sector Index dropped as much as 2.5$ on Friday after a brief but ferocious storm in Istanbul on Thursday showered the city with hail as large as golf balls, shattering windows, denting vehicles and damaging buildings.

The insurance sector decline was its biggest since June 15 and the largest among the Borsa Istanbul sub-indexes on the day. Anadolu Sigorta, the largest insurance company by market value, dropped as much as 6.8%. Ak Sigorta, a unit of lender Akbank TAS, plunged 7.5%.

Shortage of auto glass

"The market is pricing a potential increase in insurance claims following the storm," Ovunc Gursoy, an analyst at Seker Invest in Istanbul, said by email on Friday. CNN-Turk television showed footage of damaged cars lined up at repair shops, and Hurriyet newspaper reported that the shops were facing shortages of glass. About 4 million vehicles in Turkey have insurance that covers glass repair, Hurriyet said.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.