PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has released its initial industry loss estimate for the 6 February Kahramanmaras Earthquake Sequence which caused widespread devastation across several regions of Turkiye and Syria.
The Strategy and Budget Office (SBO) of the Turkish Presidency has estimated total damages in the agriculture sector at around TRY24.2bn ($1.3bn) arising from the destructive 6 February earthquakes in southern Turkiye.
The Strategy and Budget Office (SBO) of the Turkish Presidency has published a preliminary analysis of the financial impact of the destructive 6 February earthquakes in southern Turkiye, using post-disaster needs assessment methodology.
The demand for earthquake insurance has ballooned in the wake of the devastating 6 February earthquakes that hit Turkiye and Syria.
The Turkish insurance sector grew by 123.2% to TRY235bn ($12.4bn) in 2022, according to data from the Insurance Association of Turkiye (TSB). Adjusted for inflation, the real increase in premium production in the sector was 35.9%.
Global reinsurer Hannover Re has estimated a net loss iof around EUR200m ($213m) for the first-quarter of 2023 arising from the devastating 6 February earthquakes in Turkiye and Syria.
Insurance companies will have to pay 20-30 % more in compensation than previously following a decision by the Constitutional Court to annul a provision in the Highway Traffic Law relating to the calculation of compensation.
The two very large earthquakes of 6 February caused an estimated $34.2bn in direct physical damages in Turkiye, the equivalent of 4% of the country's 2021 GDP, according to a World Bank rapid damage assessment report.
The Turkish Catastrophe Insurance Pool (TCIP) has paid out 290,558 claims totalling TRY1,120m ($59.3m) due to the massive 6 February earthquakes.
Moody's RMS, a leading global catastrophe risk modelling and solutions company, estimates economic losses from the moment magnitude (Mw) 7.8 and 7.5 earthquakes that struck southern Turkiye on 6 February are likely to exceed $25bn, and the total insured loss is likely to exceed $5bn.