PERILS raises Turkey earthquakes insured loss estimate to $4.9bn

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 TRY 1.6 trillion, making it the costliest catastrophe event in Turkey's history.