PERILS Publishes Final Insured Loss Assessment for 2023 Turkey Earthquake

PERILS Publishes Final Insured Loss Assessment for 2023 Earthquake in Turkey | Insurance Business America Disasters & Floods PERILS Publishes Final Insured Loss Assessment for 2023 Earthquake in Turkey This disaster caused the largest insured losses ever in Turkey Disasters & Floods

By Kenneth Araullo

PERILS has released its fifth and final estimate of the damage caused by the Kahramanmaras earthquake, which occurred on February 6, 2023, an event that affected large areas of south-central Turkey and neighboring Syria.

According to data collected by insurance companies, PERILS estimates the insured property market losses at TL 116.9 billion ($6.2 billion based on February 2023 exchange rates). This figure is slightly lower than the previous estimate of TL 117.0 billion, which was issued twelve months after the event.

The estimates include losses from real estate operations in Türkiye, excluding other lines of business and losses in Syria.

The report includes details of property losses by province, divided into residential and commercial lines, with further details on buildings, contents and business interruption losses. The earthquakes, which measured 7.8 and 7.7 on the Richter scale, occurred along the East Anatolian Fault System.

The earthquakes had a maximum intensity of MMI XII (Extreme) near the epicenters and were felt up to 1,000 kilometers away. The disaster caused massive destruction, with 62,000 people killed and 3 million displaced. The Turkish government estimated the economic impact at around 2 trillion Turkish liras ($105 billion).

Insured losses were significantly high, making it the costliest disaster in Turkey's history. The government-run Turkish Catastrophe Insurance Group covered residential building losses, while private insurers covered commercial lines and Turkish Catastrophe Insurance Group losses.

Luzi Heitz, Product Manager at PERILS, said the Kahramanmaras earthquake was a huge human tragedy and it took years to fully address its impact.

“Insurance is only one component of the overall response to such a disaster,” said Heitz. “The Turkish insurance industry has been very active, ensuring efficient claims handling and prompt repayment. Reinsurance renewals following the event have undergone significant changes but have been successful, while a new mechanism has been implemented to adjust the coverage provided by the Turkish catastrophe insurance pool in line with inflation. This event has clearly been a major challenge for the Turkish insurance market but has been dealt with with a very pragmatic ‘we can do it’ response.”

“Since the industry loss figure has not moved much from our fourth loss report, and since the affected insurance companies do not expect further development of material losses, this fifth loss report on the Kahramanmaras earthquake series is our final report,” he said.

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