The insurance and reinsurance industry loss estimate for the Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February 2023 has been pegged at $5 billion by CRESTA, making it the largest international insured catastrophe loss event of 2023 so far.
Remember that CRESTA does not cover catastrophe industry losses in the United States, hence recent severe thunderstorm activity is not covered in its latest data release.
But the Turkey earthquakes industry loss estimate is notable, at $5 billion, being higher than the last update from its manager PERILS, which had put the industry loss from the quakes at $4.6 billion back in May.
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