Loss Announcement:

Zurich - 29 Jan 2021

TRY 550m - PERILS second industry loss estimate for Mw 6.9 Izmir Earthquake of 30 October 2020

PERILS AG has today disclosed its second 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 550 million (EUR 56m at exchange rate of 30 Oct 2020). This compares to the initial loss estimate of TRY 532 million which was issued by PERILS on 14 December 2020.

Even though the industry loss resulting from the Mw 6.9 Izmir Earthquake is currently well below the PERILS loss-capturing threshold for Turkey (EUR 200m), PERILS will continue to monitor the event for any further significant loss development.

Subscribers to the PERILS Industry Exposure & Loss Database find more information on the event under the “Industry Loss” section in the PERILS Portal.