Turkey quake and the impact on the nation’s insurance market

Turkey was rattled by a powerful earthquake this past Sunday, which caused widespread damage in many populated areas. AIR Worldwide, a global risk modeling firm, has released initial estimates of the extent of the damage. According to the agency, the damage is modest when compared to previous quakes that have struck the region. Nonetheless, AIR notes that the quake has claimed more than 200 lives, but government officials say that the ultimate total could be as high as 1,000. AIR notes that most urban residencies and commercial buildings are reinforced…

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AIR Estimates Losses from Turkey’s Van Earthquake at Between 100 million TRY (55 million USD) and 300 million TRY (170 million USD)

Catastrophe modeling firm AIR Worldwide estimates that insured losses from the M7.2 earthquake that struck eastern Turkey Sunday, October 23rd, near the city of Van will be between 100 million TRY (55 million USD) and 300 million TRY (170 million USD). (The range in losses results from uncertainties that exist in estimating earthquake source parameters e.g., magnitude, rupture length, depth, dipping angle, etc.)  Today, the third day since the Van earthquake, aftershocks continue in eastern Turkey. At least 400 aftershocks above M 3.0 have been reported in total, with the…

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