CoreLogic Inc. said Wednesday that insurable losses for industry in Turkey could exceed $4 billion for strong earthquakes that struck near the Turkey-Syria border beginning late on Feb. 5 and continuing through the morning of Feb. 6, and another $1 billion for a second quake two. weeks later.
A magnitude 7.8 earthquake struck southern Turkey near Syria’s northern border on February 6 at 04:17 local time. A magnitude 6.7 aftershock followed 11 minutes later, according to the US Geological Survey.
Just two weeks after this sequence of strong earthquakes occurred near the Turkey-Syria border, a magnitude 6.3 earthquake hit areas west of Aleppo, Syria.
CoreLogic estimates that insurable losses in Turkey could reach $1
billion for the more recent quake, with property damage in areas closest to the epicenter, but losses will be less than the magnitude 7.8 and magnitude 7.5 earthquakes that caused widespread devastation in southern Turkey and northern Syria on February 5 and February 6, CoreLogic said.The insurable loss estimate includes damage to buildings and contents for residential, commercial, industrial and agricultural structures in Turkey. It excludes any loss resulting from damage to infrastructure such as road and rail networks; water and electric power systems; oil and gas pipelines.
Additional living expenses, business interruption and contingent business interruption are also excluded. Demand increase is not included.
Insurable losses in the affected area have been difficult to determine due to uneven insurance penetration.
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