Major reinsurers reveal losses resulting from the Kahramanmaraş earthquake

With the publication of annual reports in recent weeks, the three largest reinsurers in the world indicated the volume of claims incurred due to the massive earthquake that struck Turkey and Syria in February 2023.

“With expected losses of around 550 million euros, the largest loss event of the year so far was the devastating earthquake in Turkey,” Munich Re, which achieved an overall net result of 4.6 billion euros ($5 billion) for 2023, said in its annual report. .

For Swiss Re, the devastating earthquake in Turkey as well as the earthquake in Morocco in September 2023 resulted in the reinsurer paying out more than $500 million in claims.

Hannover Re said it recorded a net loss of 270.1 million euros from the devastating earthquake that struck Turkey and Syria. However, Hannover Re's largest single losses in 2023 were from severe storms in Italy in July, with a net value of €313.1 million.

Swiss Re said the costliest event for the insurance industry worldwide was the earthquake in Turkey and Syria, which caused insurance losses worth $6.2 billion. (Because of the risks, losses were largely caused by severe storms in the United States, where total insured losses exceeded $60 billion.)

The 7.8-magnitude earthquake struck southern and central Turkey and northern and western Syria, affecting an area the size of Germany. It caused the death of more than 60,000 people in the two countries.

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