Heavy Earthquake Activity Felt by Insurers
Friday, October 15th, 1999 Catastrophe PropertyEarthquakes have been making international headlines in August and September, with three earthquakes measuring more than 7.0 on the Richter scale striking Turkey, Taiwan and Mexico. On Aug. 17, Izmit, Turkey, 56 miles east of Istanbul, suffered a 7.4 magnitude earthquake, the strongest quake ever recorded in western Turkey. According to a reconnaissance team from Risk Management Solutions, based in Menlo Park, Calif., insured losses may go as high as $2.75 billion (U.S.). Most of the insured damage was for industrial facilities, with preliminary loss estimates of $600 million to $2 billion for insured industrial facilities and $300 million to $750 million for other insured risks. Total estimated insured losses from the earthquake were $900 million to $2.75 billion, as of mid-September.
