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Insured loss from Turkey earthquakes likely to exceed $5bn: Moody’s RMS

Catastrophe risk modelling firm Moody’s RMS has said today that it anticipates the earthquakes that struck Turkey on Monday 6th February are likely to cause over US $25 billion in economic losses and over $5 billion in losses for the insurance and reinsurance market.

It’s the highest loss estimate so far, both on the economic and insured scale and important to note that this estimate is only based on the Mw7.8 and Mw7.5 earthquakes that struck southern Turkey on Monday, February 6th, so it does not include other aftershocks and more recent damaging quakes that struck the country.

The insured loss estimate, of over US $5 billion, includes impacts to private insurers as well as to the Turkish Catastrophe Insurance Pool (TCIP), Moody’s RMS explained.


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