Turkiye: recently released estimates place industry loss from earthquakes between USD 3.5 and USD 5 billion

6 April 2023 —
The Turkish Catastrophe Insurance Pool (TCIP) so far has paid USD 340.36 million (TRY 6.5 billion) on claims for the victims related to the recent earthquakes that occurred in Turkey last month, Reinsurance News reports.

According to the latest figures, the number of damaged buildings from the quakes reached 416,021.

The catastrophe insurance data provider PERILS recently released its first estimate of industry loss from those earthquakes at the level of USD 3.5 billion (TRY 65.4 billion). And in terms of insured losses, according to PERILS, the loss represents the costliest catastrophe event in Turkey's recorded history.

PERILS' estimate is below the recent estimates from both Moody's RMS and CoreLogic (USD 5 billion). Also, global reinsurance firm Hannover Re recently released estimates, placing insured losses at USD 3.5-4 billion, the source said.