The eastern Van region of Turkey has been hit by another damaging earthquake less than a month after a M7.2 quake struck the area. The second quake struck late yesterday in the Edremit district, 16km (10 miles) south of Van, the US Geological Survey said. An M5.6 quake, so much weaker than the one in […]
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Risk modeller EQECAT has published an estimate of the insured losses resulting from the recent M7.2 earthquake in Turkey. EQECAT put the range of insured losses at between $100m and $200m and the total economic loss estimate in the low single-digit billions USD. EQECAT are also the modelling agent on the Ianus Capital catastrophe bond […]
Further to our earlier article alerting you to the potentially exposed Ianus Capital catastrophe bond which covers the whole of Turkey for earthquake risks, it seems that investors are pretty confident that the cat bond won’t face losses due to the location of the earthquake. The M7.2 quake has caused widespread damage in the area […]
We’re sure that most of you will be aware of the magnitude 7.2 earthquake which struck eastern Turkey yesterday causing numerous buildings to collapse and reports of as many as 239 deaths and 1,300 injuries (the latest from the BBC here). There have also been a series of powerful aftershocks which have caused further damage […]
Further details on the structure of Munich Re’s Ianus Capital Ltd. catastrophe bond have been released through the press release of EQECAT Ltd. The full press release is below. EQECAT, Inc. provided risk modeling to Munich Re in the issuance of a €50m catastrophe bond transferring European winter storm and Turkish earthquake risks to the […]
Two catastrophe bond deals have closed in the past couple of days. The first is the Ianus Capital deal issued by Munich Re to provide them with European windstorm and Turkish earthquake cover. The deal was marketed as a €100m transaction but actually came to market as €50m due to investor hesitance caused by a […]
The catastrophe bond market is really coming to life this year, and in another demonstration of the resilience of this market under financial market pressures Munich Re is now planning the first deal of this year which covers risks outside of the U.S. Ianus Capital will be a €100m deal which will provide Munich Re […]
A new catastrophe bond has been launched which is set to become the first securitisation of earthquake risks in continental Europe on an indemnity basis. Azzurro Re I Limited is a €150m earthquake cat bond sponsored by Italian insurer UnipolSai Assicurazioni S.p.A.
Earthquake insurance penetration in Turkey has risen strongly since the imposition of a law which made having a policy mandatory and has now reached 37%, according to data from the Turkish Insurance Association.
As we wrote earlier this week, the Bosphorus 1 Re Ltd. catastrophe bond completed recently, successfully securing its sponsor the Turkish Catastrophe Insurance Pool (TCIP) a source of fully-collateralized, multi-year reinsurance protection against Turkish earthquake risks using a parametric trigger. Now the usual press releases on the deals completion have emerged and it’s clear that […]