Turkey quake insured losses up to $170 million: AIR
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VAN, Turkey—AIR Worldwide Corp. said losses from the earthquake that hit eastern Turkey on Sunday could be between $55 million and $170 million.
AIR said that while Turkey has a national earthquake insurance pool in which insurers and reinsurers are mandated to participate, take-up of earthquake insurance still is low.
In the areas affected by Sunday's quake, earthquake insurance penetration is about 8%, the catastrophe modeler said.
EQECAT Inc. announced Tuesday that it believed the quake likely will result in insured losses of between $100 million and $200 million.
The 7.2 magnitude quake, which had its epicenter in the city of Van and has been followed by a series of aftershocks, is known to have killed 272 people and injured more than 1,300, though up to as many as 1,000 people may have died, according to reports.
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Turkey earthquake insured losses up to $200M: EQECAT
VAN, Turkey—The earthquake that hit eastern Turkey on Sunday likely will cause insured losses of $100 million to $200 million, according to modeling firm EQECAT Inc.
