Reinsurance News
Turkey earthquake
PERILS issues final insured loss estimate for Turkey earthquakes of $6.2bn
6th August 2024
Zurich-based catastrophe insurance data provider, PERILS AG, has released its final insured property market loss estimate for the Kahramanmaras Earthquake Sequence of TRY 116.9 billion, approximately USD 6.2 billion at February 2023 exchange rates. This new loss figure compares to the previous PERILS estimates of TRY 117.0 billion (USD 6.2bn) ... Read the full article
AM Best expects Asian Re’s underwriting and operating performance to improve
14th June 2024
AM Best, a global credit rating agency for the insurance sector, has reaffirmed Asian Reinsurance Corporation (Asian Re), a regional non-life reinsurer, with a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good), both with a positive outlook. AM Best expects that Asian Re’s execution ... Read the full article
PERILS raises Turkey earthquakes insured loss estimate to $6.2bn
6th February 2024
Zurich-based catastrophe insurance data provider PERILS AG has updated its insured property market loss estimate for the Kahramanmaras Earthquake Sequence to TRY 117.0 billion, which is approximately $6.2 billion at February 2023 exchange rates. This new loss figure compares to the previous PERILS estimates of TRY 92.8 billion in August ... Read the full article
Insured losses will once again exceed $100bn in 2023: Swiss Re
7th December 2023
Analysis by Swiss Re, one of the world's largest reinsurers, reveals that natural catastrophes will once again break several loss records this year, as a high frequency of low single-digit billion-dollar loss events take insurance and reinsurance industry losses above the $100 billion mark for the fourth consecutive year. Economic losses ... Read the full article
PERILS raises Turkey earthquakes insured loss estimate to $4.9bn
8th August 2023
Zurich-based catastrophe insurance data provider PERILS AG has updated its insured property market loss estimate for the Kahramanmaras Earthquake Sequence to TRY 92.8 billion, which is approximately $4.9bn at February 2023 exchange rates and $3.4bn at the current exchange rates. This new loss figure compares to the previous PERILS estimates of ... Read the full article
Turkey earthquake industry insured loss estimated at $5bn: CRESTA
3rd July 2023
The Kahramanmaras Earthquake Sequence affecting Turkey and Syria which occurred on the 6th of February has been the largest international catastrophe insurance loss to date in 2023 outside of the US, with an industry loss of $5 billion, according to CRESTA. This information stems from CLIX, the CRESTA Industry Loss Index, ... Read the full article
PERILS raises insured loss estimate for Turkey quakes to $4.4bn
5th May 2023
Catastrophe loss data aggregator PERILS AG has raised its estimate for insurance industry losses from February’s Kahramanmaras Earthquake Sequence in Turkey to TRY 86.4 billion (USD 4.4 billion). The updated figure represents a significant increase on PERILS’ initial insured loss estimate of TRY 65.4 billion (USD 3.5 billion), which was ... Read the full article
Turkish Catastrophe Insurance Pool pays $340.4mn to earthquake victims
29th March 2023
The Turkish Catastrophe Insurance Pool (TCIP) has paid $340.36 million (TRY 6.5 billion) in claim payments so far for the victims related to the recent earthquakes that struck Turkey last month. On February 6, 2023, a powerful Mw 7.8 magnitude earthquake struck south-central Turkey near the Syrian border. The quake produced ... Read the full article
Turkey earthquakes insured loss pegged at $3.5bn by PERILS
21st March 2023
Zurich-based catastrophe insurance data provider PERILS has released its first estimate of industry loss from the recent Kahramanmaras Earthquake Sequence that hit Turkey and Syria, placing it at $3.5 billion (TRY 65.4 billion). A Mw 7.8 magnitude earthquake struck south-central Turkey near the Syrian border On 6 February 2023. The earthquake initiated ... Read the full article
Hannover Re pegs Turkey quake loss at €200m as Althoff highlights Q1 loss budget erosion
9th March 2023
German reinsurer Hannover Re expects a net loss of in the range of €200 million in the first quarter of 2023 as a result of the devastating earthquakes in Turkey and Syria, which together with losses from the severe weather in New Zealand, has eroded much of its major loss ... Read the full article
Nat cat insured losses in Q1 between $6-8bn thus far, says JP Morgan
3rd March 2023
Analysts at JP Morgan have estimated that total natural catastrophe insured losses in Q1 so far are in the region of $6-8 billion. The analysts write, "Despite there being a month to go in the quarter, losses still feel well below quarterly averages. Looking at the last 10 years, the average ... Read the full article
World Bank puts economic cost of Turkey quakes at $34bn
28th February 2023
Analysts at the World Bank have estimated that the recent devastating earthquakes that occurred in Turkey will result in some $34 billion of economic costs, based on direct physical damages. At this level, losses from the February quakes would be equivalent to around 4% of Turkey’s total GDP. But the World Bank ... Read the full article
CoreLogic estimates insurable damage from Turkey earthquakes at $5bn
23rd February 2023
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has estimated that the devastating earthquakes that recently struck Turkey will cause insurable damage of $5 billion. On February 6, an earthquake with a magnitude of 7.8 occurred near Pazarcık in Kahramanmaraş, triggering another earthquake with a magnitude of 7.5 ... Read the full article
Moody’s RMS expects insured loss from Turkey earthquakes to exceed $5bn
23rd February 2023
Catastrophe risk modeller Moody's RMS anticipates economic losses from the two February 6th earthquakes in southern Turkey to surpass $25 billion, with insurance and reinsurance industry losses likely to exceed $5 billion. These estimates from Moody's RMS exclude any losses in Syria, so are based only on the impacts of the ... Read the full article
Earthquakes to drive insured losses of $2.4 billion in Turkey, says KCC
16th February 2023
Total property insurance and reinsurance industry losses from the dual Kahramanmaras, Turkey earthquakes are estimated at $2.4 billion, with economic losses pegged at close to $20 billion, according to Karen Clark & Company (KCC). These estimates do not include losses within Syria, and are based on the KCC Turkey Earthquake Reference ... Read the full article
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