PERILS issues final estimate of insured losses due to earthquakes in Türkiye at $6.2 billion

PERILS AG, a Zurich-based catastrophe insurance specialist, has released its final estimate of the insured property market losses resulting from the Kahramanmaras earthquake, which amounted to 116.9 billion Turkish liras, equivalent to 6.2 billion US dollars at February 2023 exchange rates.

Source: AP

This new loss figure compares to PERILS’s previous estimates of TL 117.0 billion (USD 6.2 billion) issued in February 2024, TL 92.8 billion (USD 4.9 billion) in August 2023, TL 86.4 billion (USD 4.4 billion) in May 2023, and the initial estimate of TL 65.4 billion (USD 3.5 billion) issued six weeks after the event.

According to the definition of risk coverage in Turkey, the estimates include losses arising from the property line of business. Losses arising from other lines of business and Syria are not included.

In brief, the Kahramanmaras earthquake sequence of February 6, 2023 consisted of three major earthquakes measuring 7.8, 6.7, and 7.5 on the Richter scale that affected large parts of south-central Turkey and neighboring Syria.

PERILS highlighted that the tragedy caused massive loss of life and human suffering. According to the company, nearly 62,000 people lost their lives, and an estimated 3 million people were displaced.

Official government figures indicate that the economic cost will amount to about 2 trillion Turkish liras, or about 105 billion US dollars at the exchange rate in February 2023.

In terms of insured losses, this was the costliest disaster in Turkey's history, with residential building losses covered by the government-run Turkish Catastrophe Insurance Fund (TCIP), while commercial lines and TCIP losses were covered by the private insurance sector.

“The Kahramanmaras earthquake series was a massive human tragedy and it will take many years to fully address the impact of this event. Insurance is only one component of the comprehensive response to such a disaster. The Turkish insurance industry has been very active, ensuring claims are handled efficiently and reimbursed quickly,” commented Luzi Heitz, Product Manager at PERILS.

“The post-event insurance renewals underwent substantial changes but were completed successfully, while a new mechanism was implemented to adjust the coverage provided by the Turkish Catastrophe Insurance Pool in line with inflation. This event was clearly a major challenge for the Turkish insurance market but was dealt with with a very practical response,” he added.

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

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