Catastrophe insurance data provider PERILS has disclosed its initial industry loss estimate for the Izmir Earthquake, which hit Turkey on October 30.
The insured property market loss, based on claims data collected from affected insurance companies, is TRY 532 million ($66 million).
The earthquake had a Moment Magnitude of Mw 6.9, according to the Kandilli Observatory.
Whilst 14 Turkish provinces were affected, the majority of the insurance losses reportedly occurred in the province of Izmir, in particular Izmir City, Turkey’s third largest city.
Losses were also incurred in the motor and marine hull lines of business, which was driven by a small tsunami triggered by the earthquake.
These represent a minor part of the industry event loss and are not included in the PERILS loss estimate.
Whilst the industry loss resulting from earthquake is currently below PERILS’ $243 million loss-capturing threshold for Turkey, the prominence of the event in local and international media led to the company to make an exception to the standard reporting criteria.
The company is continuing to monitor the event for any further significant loss development, releasing any updates of loss estimates in the event that the loss-capturing threshold is exceeded.
