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Nat cat coverage rates may increase after Turkey quake

Posted On: Feb. 8, 2023 9:58 AM CST


Insurance companies said that the pricing of natural catastrophe premiums is expected to increase following the massive losses in property and lives resulting from the recent Turkey earthquake, which also struck Syria, Middle East Insurance Review reported. Presently, the average premium rates for natural disaster risks in the market is 0.25 per thousand as a percentage of the value of insured assets and this is expected to double after the deadly quakes.