Türkiye: Top reinsurers disclose losses arising from Kahramanmaras earthquake

Source: Middle East Insurance Review | Jun 2024

With the publication of annual reports in recent weeks, the world’s three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria.

Munich Re, with an overall net result of EUR4.6bn ($5bn) for 2023, said in its annual report, “With expected losses of around EUR550m, the year’s biggest loss event by far was the devastating earthquake in Türkiye.”

For Swiss Re, the earthquake that struck Türkiye as well as that which hit Morocco in September 2023 led the reinsurer to pay over $500m in claims.

Hannover Re said that it posted a net loss of EUR270.1m from the devastating earthquake in Türkiye and Syria. However, Hannover Re’s largest individual losses in 2023 were from the severe storms in Italy in July, with a net amount of EUR313.1m.

Swiss Re said that worldwide, the costliest event for the insurance industry was the earthquake in Türkiye and Syria, which caused insured losses of $6.2bn. (By peril, losses were overwhelmingly driven by severe convective storms in the US, with aggregated insured losses of above $60bn). M

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