Turkey quake insured losses up to $170 million: AIR

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.