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Damaging M7.2 Earthquake in Eastern Turkey; Insured Losses $100 to $400 Million

October 28, 2011 Comments off

Damaging M7.2 Earthquake in Eastern Turkey; Insured Losses $100 to $400 Million
Source: EQECAT, Inc.

A damaging M7.2 earthquake occurred Sunday, October 23 in eastern Turkey, and has been followed by several strong aftershocks that may have exacerbated damage caused by the main shock. Hundreds of fatalities have been reported, caused mainly by building collapses.

EQECAT’s preliminary estimate of insured losses from this event is in the range of $100 to $200 million USD. Total economic damage is estimated in the low single-digit billions USD. Total economic damage is estimated at approximately one-tenth that from the 1999 M7.6 Izmit earthquake in western Turkey and 10 times the damage from the 2010 M6.1 earthquake in eastern Turkey.

The earthquake was felt throughout eastern Turkey, Armenia, and northwestern Iran, from Georgia in the north to Syria and Iraq in the south. Most of the damage occurred in Turkey.

Categories: business and economics, EQECAT, insurance and risk, natural disasters, Turkey
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