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Impact of Turkey quakes adds to challenging environment for re/insurers: AM Best

A new report from AM Best has highlighted how the impact of the two earthquakes in south-eastern Turkey, adds to what is already a “challenging operating environment” for re/insurers within the country.

On February 6, 2023, two powerful earthquakes of more than 7.5 magnitude struck near the south-eastern Turkish cities of Gaziantep and Kahramanmaras, the country’s sixth and 18th largest cities.

The earthquakes have caused for thousands of buildings to be destroyed, and over 1,000 deaths have been recorded. According to the US Geological Survey (USGS), both earthquakes could result in more than US $1 billion of losses.


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