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Turkey earthquakes to cost insurers $2.4 billion—KCC

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Catastrophe modelling firm Karen Clark & Company (KCC) said on Thursday it expects insured losses of $2.4 billion from the devastating dual Kahramanmaras earthquakes that hit Turkey earlier this month. The number of people killed by the deadliest earthquake in Turkey’s modern history has risen to 36,187, authorities said. Total property losses from the magnitude 7.8 and 7.5 earthquakes are expected to be close to $20 billion, KCC said. The firm’s insured loss figure did not include Syria, where the disaster has compounded a humanitarian crisis caused by 12 years of war.

Rescue workers and volunteers conduct search and rescue operations in the rubble of a collasped building, in Diyarbakir on February 6, 2023, after a 7.8-magnitude earthquake struck the country’s south-east. – The combined death toll has risen to over 1,900 for Turkey and Syria after the region’s strongest quake in nearly a century. Turkey’s emergency services said at least 1,121 people died in the earthquake, with another 783 confirmed fatalities in Syria. (Photo by ILYAS AKENGIN / AFP) (Photo by ILYAS AKENGIN/AFP via Getty Images)

The earthquakes destroyed or heavily damaged more than 41,000 buildings across ten of Turkey’s 81 provinces, according to the report. The disaster is the largest magnitude event to occur in Turkey since the 1939 Erzincan earthquake, the modelling firm said. Direct costs from the destruction of physical structures in Turkey could amount to 2.5% of growth domestic product, or $25 billion, JPMorgan said on Thursday. Reuters

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