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PERILS Raises Turkey Earthquakes Insured Loss Estimate to $4.9 Billion
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Overview
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PERILS AG has raised its insured property market loss estimate for the Kahramanmaras Earthquake Sequence in Turkey to $4.9 billion at February 2023 exchange rates. The earthquakes caused immense loss of life and displacement, with over 59,000 people losing their lives and an estimated 3 million people being displaced. The direct physical damage is estimated at $1.6 trillion, making it the costliest catastrophe event in Turkey's history.
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How will the insured loss estimate impact the insurance industry in Turkey?
What measures are being taken to provide aid and support to those affected by the earthquakes?
What steps can be taken to prevent such devastating earthquakes in the future?
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