Markets & Trends
According to Extreme Event Solutions at Verisk (formerly AIR Worldwide), economic losses for the February 6, 2023, earthquakes in Türkiye will likely exceed USD 20 billion, and industry insured losses will likely exceed USD 1 billion. These estimates are based on impacts of both M7+ earthquakes that occurred on that day. Results from Verisk indicate the initial shock is the driver of most of the insured losses.
Moody’s RMS®, the leading global catastrophe risk modeling and solutions company, estimates economic losses from the moment magnitude (Mw) Mw7.8 and Mw7.5 earthquakes that struck southern Türkiye on Monday, February 6 are likely to exceed USD 25 billion (TRY 471 billion), and the total insured loss is likely to exceed USD 5 billion (TRY 94 billion).
As of 20 February, the Turkish Catastrophe Insurance Pool (TCIP) has already paid claims worth about USD 27.6 million to policyholders whose homes were affected by the 6 February earthquakes.
In response to the earthquake that struck Türkiye and Syria, Italian insurer Generali informed it supports the impacted populations with a donation to UNICEF and other local programs as well as with a global fundraising campaign to be matched by Generali.
Allianz Group announced that it would make available six million euros to support relief and recovery efforts following the earthquakes in Türkiye and Syria, including up to one million euros to match the donations of its employees and tied agents.
Courtesy to Mrs. Selva Eren, CEO of Türk Reasürans AŞ, ths reinsurance company that carries out the technical operations of the Turkish Catastrophe Insurance Pool (TCIP), we have received a report on TCIPs operations throughout the first week after the catastrophic earthquakes that hit Türkiye on 5-6 February 2023.