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EQECAT Estimates Insured Losses Up to $200M from Turkey's Earthquake

Posted on 25 Oct 2011

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Modeling firm EQECAT's preliminary estimate of insured losses from the 7.2 magnitude that hit eastern Turkey on Sunday is in the range of $100 to $200 million.

Total economic damage is estimated in the low single-digit billions. Total economic damage is estimated at approximately one-tenth that from the 1999 M7.6 Izmit earthquake in western Turkey and 10 times the damage from the 2010 M6.1 earthquake in eastern Turkey.

Hundreds of fatalaties have been reported, caused mainly by building collapses.

The earthquake was felt throughout eastern Turkey, Armenia, and northwestern Iran, from Georgia in the north to Syria and Iraq in the south. Most of the damage occurred in Turkey.