Zurich - 25 May 2021
PERILS AG has today disclosed its third loss estimate for the Mw 6.9 earthquake of 30 October 2020, which predominantly affected the province of Izmir in western Turkey.
The revised estimate of the property insurance market loss is TRY 635 million (EUR 65m at exchange rate of 30 Oct 2020). This compares to the second loss estimate of TRY 550 million which was issued by PERILS on 29 January 2021.
Because the industry loss resulting from the Mw 6.9 Izmir Earthquake is well below the PERILS loss capturing threshold for Turkey (EUR 200m), this is the last report for this event and no further surveys will be carried out.
Subscribers to the PERILS Industry Exposure & Loss Database find more information on the event under the “Industry Loss” section in the PERILS Portal.