KAZAKHSTAN: Paid claims of Eurasia insurance company for the earthquake in Turkey exceed EUR 15 million

13 February 2024 — Marina MAGNAVAL
Paid claims of Eurasia, the leader of the local market, for the earthquake in Turkey exceeded EUR 15 million or KZT 7.25 billion. Eurasia participates as a reinsurer in the TCIP risk reinsurance program, the Turkish Catastrophe Insurance Pool for compulsory earthquake insurance, which provides insurance for private households, Allinsurance.kz wrote.

About a year ago, on February 6, 2023, two powerful earthquakes of magnitude 7.8 and 7.5 occurred in southeastern Turkey, which, according to Aon insurance broker, became the most destructive event in 2023, causing economic damage of over USD 92 billion, at that, insured losses amounted to only USD 5.7 billion or 6.2%. At the same time, the Turkish government estimates total economic damage from the earthquake at USD 110 billion or 9.5% of GDP.

Eurasia company has many years of experience in reinsurance programs against catastrophic risks around the world and has made payments to victims of earthquakes, fires, hurricanes and floods, the source writes.