The 7.2 magnitude earthquake that hit eastern Turkey will cost insurers up to $170M, a figure...

|By:, SA News Editor

The 7.2 magnitude earthquake that hit eastern Turkey will cost insurers up to $170M, a figure well below catastrophe losses from other major earthquakes due to the low level of insurance penetration in the region. Risk modeling agency AIR Worldwide pegs the insured losses between $55M and $170M, not nearly enough to cover extensive infrastructure damage in the region.