Victims of the recent earthquakes that occurred in Turkey last month have received $340.36 million (TRY 6.5 billion) in claim payments, from the Turkish Catastrophe Insurance Pool (TCIP)
On February 6, 2023, a powerful magnitude 7.8 magnitude earthquake struck south-central Turkey near the Syrian border. The quake produced a surface rupture length of approximately 250km. 11 minutes after the first shock, a 6.7 magnitude aftershock occurred
On February 6, 2023, the south-central region of Turkey, close to the Syrian border, was hit by a strong 7.8 magnitude earthquake. A surface rupture of about 250 kilometers was caused by the earthquake. About 11 minutes after the initial shock occurred, a second Mw 6.7 aftershock happened.
Nine hours later, a second earthquake with a magnitude of 7.5 occurred 95 kilometers to the north on a nearby but distinct fault that is also a part of the East Anatolian fault system. This terrible second earthquake, which began at a depth of 15 km, had a surface rupture length of about 90 km.
Eleven provinces in southeast Turkey were hit by the earthquakes, with Hatay, Kahramanmaras, Gaziantep, Malatya, and Adiyaman suffering the worst damage. The terrible quakes have had an overall negative impact on more than 13.5 million people in Turkey.
The most recent statistics show that as of Monday, 416,021 buildings had suffered damage as a result of the earthquakes. 21,850 structures were determined to have collapsed, with 27,836 having major damage, 36,129 having medium damage, and 330,206 having moderate damage.
Rescuers continued to work tirelessly to find victims still trapped in the rubble. The death toll rose to more than 35,000 since the occurrence of the quake. Tens of thousands have been left homeless.
Humanitarian organizations warn that the earthquake will have a “long tail,” meaning a wide variety of requirements that will require donations for months or perhaps years after the rescue and recovery activities conclude. Groups from all over the world have already organized to bring supplies to both countries.
The civil war in Syria makes it difficult to provide humanitarian aid there, and the political climate in Turkey also presents difficulties.
PERILS, a source of disaster insurance data, recently published its initial assessment of the industry loss due to the recent earthquakes, putting it at $3.5 billion (TRY 65.4 billion). The loss is the most expensive catastrophe occurrence in Turkey’s documented history in terms of insured losses, according to PERILS.
The estimate from PERILS is a little lower than the most current projections from Moody’s RMS and CoreLogic, which put insured losses at $5 billion.
Additionally, the international reinsurance company Hannover Re recently published estimates that put insured losses at $3.5 to $4 billion.
