The North American risk modeling company Verisk estimated this Tuesday at more than 20,000 million dollars the economic losses derived from the earthquakes registered in Syria and Turkey, on February 6.
Verisk also estimated that the losses covered by insurers would be around $1 billion, noting that the difference “represents the cost of the catastrophes to society.”
To estimate the cost assumed by the insurers, the company considered the physical damage derived from the earthquakes in the structures and interiors of the buildings and the interruption of the business, which were covered by the insurance.
In a statement, the company’s president, Bill Churney, recalled that a large part of the cost of catastrophes is borne by governments, and in this sense, he opined that “increasing insurance penetration can alleviate part of this burden.”
Specifically, Churney detailed that “there are solutions available that can enhance global resilience efforts, including emergency management, risk mitigation, public risk financing, public risk financing, and other government risk and loss mitigation initiatives.” “.
The earthquakes in Turkey and Syria -magnitudes 7.8 and 7.6- occurred during the early hours of this Monday, when most people were sleeping at home.
The official death toll in Turkey is already over 35,000, but it is still being updated.
Source: TSF
