Mehmet Alkan, a shoe-sole manufacturer in Turkey’s earthquake-hit south, doesn’t know what will become of his company after some of his 220 employees died and half fled, reflecting the difficult transformation ahead for industry in the region. Forty of his …
MALATYA, Turkey (Reuters) — The Trend Garden Residence, an upscale serviced apartment building in the Turkish city of Malatya, boasted a gym, freshly-furnished rooms and a roof-top cafeteria. But when a powerful earthquake jolted the city in the early hours …
Turkey issued rebuilding regulations on Friday for a region devastated by earthquakes this month to enable companies or charities to help in the urgent task of building new homes for the millions who need rehousing after the devastating tremors. More …
The economic and insured losses from the earthquakes that hit southern Turkey on Monday, Feb. 6 continue to escalate as damage information and data keeps pouring in. The catastrophe risk modeling firm Moody’s RMS estimated on Feb. 23 that economic …
Catastrophe modeling firm Karen Clark & Co. (KCC) said on Thursday it expects insured losses of $2.4 billion from the devastating dual Kahramanmaras earthquakes that hit Turkey earlier this month. The number of people killed by the deadliest earthquake in …
Turkey would need to construct about a million new homes in the 10 provinces hit by the February 6 earthquakes, according to a property developer, signaling the massive rebuilding effort that needs to be undertaken. “That’s an optimistic estimate,” Ekonomi …
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 …
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 …
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 …
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 …
