*Upcoming* Quick Quake Briefing: Insured Loss Aspects, Turkey Earthquakes of February 2023
Virtual EERI-NC Webinar:
Quick Quake Briefing:
Turkey M7.8 & M7.5 Earthquakes of 6 February 2023 – Insured Loss Aspects
September 28, 2023
Date:
Thursday, September 28, 2023
9:00 a.m. to 10:00 a.m. Pacific Time
Description of event:
On 6 February 2023, a M7.8 earthquake struck southern and central Turkey and northern and western Syria. It was followed by a M7.5 earthquake later the same day. There was widespread damage and tens of thousands of fatalities.
The total cost of earthquake damage in Turkey was estimated by TÜRKONFED at $84 billion US dollars ($71B on rebuilding, $10B loss in national income, and an additional $3B loss in workforce). The Turkish government released a preliminary report estimating the total damage cost at $103.6 billion, corresponding to 9 percent of its GDP in 2023. About half of residential property in the affected area is thought to be covered by Turkish Compulsory Earthquake Insurance (source: Wikipedia).
Three speakers will be featured:
Dr. Ufuk Yazgan is a Professor at Istanbul Technical University and will provide an overview of the damage to the building stock.
Mr. Erdem Karabostan is the General Manager at the Turkish firm T-Rupt which advises on loss estimates for the Turkey Reinsurance Industry. He will explain how the insurance industry operates and responded to the earthquakes.
Dr. Patxi Uriz is a Director at Risk Management Solutions (RMS) Corporation (USA) that deals with catastrophic loss estimations. He will contrast the Turkish and US insurance practices.
The webinar will include time for participants to ask questions of the speakers.
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