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Turkey earthquakes industry loss estimate raised 26% to US $6.2bn

The insurance and reinsurance market industry loss estimate for the Kahramanmaras Earthquake Sequence that struck Turkey in February 2023 has been lifted by a significant 26%, by PERILS, to reach TRY 117 billion, which would have been US $6.2 billion at exchange rates when the disaster struck.

The increase brings PERILS industry loss more into line with the figures that some in the reinsurance market have been working off for some months now, as a US $6 billion estimate had been widely discussed for this industry loss event in the latter weeks of 2023.

This compares to the previous estimate of TRY 92.8 billion, which would have been US $4.9 billion at exchange rates when the disaster struck, that PERILS released six months ago.

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