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Earthquakes to drive insured losses of $2.4 billion in Turkey, says KCC

February 16, 2023

Total property insurance and reinsurance industry losses from the dual Kahramanmaras, Turkey earthquakes are estimated at $2.4 billion, with economic losses pegged at close to $20 billion, according to Karen Clark & Company (KCC).

These estimates do not include losses within Syria, and are based on the KCC Turkey Earthquake Reference Model.

According to KCC, across 10 of Turkey’s 81 provinces, the M7.8 earthquake, which occurred near a triple junction of three tectonic plates close to the Turkey-Syria border, destroyed or heavily damaged more than 41,000 buildings, the majority of which were poorly designed or constructed.

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