Turkey

The insurance and reinsurance market industry loss estimate for the Kahramanmaras Earthquake Sequence that struck Turkey in February 2023 has been lifted by a significant 26%, by PERILS, to reach TRY 117 billion, which would have been US $6.2 billion at exchange rates when the disaster struck.

The insurance and reinsurance market industry loss estimate for the Kahramanmaras Earthquake Sequence that struck Turkey in February 2023 has been raised a further 7% by PERILS, to reach TRY 92.8 billion, which would have been US $4.9 billion at exchange rates when the disaster struck.

PERILS AG has hiked its insurance and reinsurance market industry loss estimate for the recent Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February 2023 by a significant 32%, with the estimate now at almost US $4.5 billion.

A first estimate for the insurance and reinsurance market industry loss from the recent Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February has been pegged at US $3.5 billion by PERILS AG.

Catastrophe risk modelling firm Moody’s RMS has said today that it anticipates the earthquakes that struck Turkey on Monday 6th February are likely to cause over US $25 billion in economic losses and over $5 billion in losses for the insurance and reinsurance market.

Leading catastrophe risk modelling firm RMS, has again provided comprehensive risk analysis for the Turkish Catastrophe Insurance Pool’s (TCIP) parametric earthquake cat bond, Bosphorus (Series 2015-1), further improving the transactions transparency this time around.

Following the recent successful completion of the $100m Bosphorus Ltd. (Series 2015-1) parametric Turkish earthquake catastrophe bond, the Turkish Catastrophe Insurance Pool (TCIP) intends to continue to build its relationship with the capital markets.

The Turkish Catastrophe Insurance Pool’s (TCIP) new Bosphorus Ltd. (Series 2015-1) parametric Turkish earthquake catastrophe bond is set to complete at just $100m in size, while the pricing has been set at the low-end of the revised guidance.

The Turkish Catastrophe Insurance Pool (TCIP) is aiming for up to $200m of collateralized Turkish earthquake reinsurance protection from its new Bosphorus Ltd. (Series 2015-1) parametric catastrophe bond.

The Turkish Catastrophe Insurance Pool (TCIP) is returning to the catastrophe bond market for an anticipated second earthquake deal, with another parametric trigger structure under a Bosphorus Ltd. (Series 2015-1) transaction.