February 14, 2023
Economic losses for the Feb. 6, 2023 earthquakes in Turkey will likely exceed US$20 billion, while insured losses will likely be more than US$1 billion, according to Extreme Event Solutions at Verisk (formerly AIR Worldwide). These estimates are based on …
February 9, 2023
Most insurance payouts due to the earthquake that hit Turkey and Syria ultimately will be borne by global reinsurers, according to Fitch Ratings. “The vast majority of insured losses will be covered by reinsurance, but the amount ceded is likely …
February 9, 2023
Thousands of foreign aid workers have arrived in Turkey and the first UN aid convoy has entered Syria after this week’s twin earthquakes. The World Bank announced a $1.78 billion relief package as well. The death toll surpassed 20,000 across …
February 8, 2023
Two powerful earthquakes, which hit southeastern Turkey on Feb. 6, 2023, deliver another blow to the local re/insurance industry, according to commentaries from AM Best and GlobalData. While it is likely that international reinsurance markets will pick up a proportion …
February 8, 2023
Turkey declared a three-month state of emergency in areas struck by two massive earthquakes earlier this week, allowing the government more leeway for rescue and reconstruction efforts. Emergency teams are racing against the clock to save potentially thousands of victims …
February 7, 2023
Hundreds of shipping containers were ablaze at Turkey’s Iskenderun Port on Tuesday, shutting down operations and forcing freight liners to divert vessels to other ports. Turkey’s maritime authority said on Monday that the port, located on the Mediterranean coast in …
February 6, 2023
Rescue teams from overseas began deploying in Turkey on Tuesday after a pair of powerful earthquakes a day earlier killed at least 4,000 people in the country and neighboring Syria, leaving millions to suffer without power or heat throughout a …