NU Online News Service, Oct. 26, 1:55 p.m. EST
Catastrophe modeler AIR Worldwide puts estimated insured losses from the magnitude 7.2 earthquake in eastern Turkey at between $55 million and $170 million, lower than the $100 million to $200 million estimate released yesterday by Eqecat.
AIR says the range in losses is due to “uncertainties that exist in estimating earthquake-source parameters e.g., magnitude, rupture length, depth, dipping angle, etc.”
Estimated losses include insured physical damage to property, both structures and their contents, and estimated losses for the Turkish Catastrophe Insurance Pool, says AIR. The estimate does not include losses from non-modeled perils including landslide and fire-following; losses to automobiles, uninsured properties, land, infrastructure, and casualty and life lines; business interruption losses; loss adjustment expenses; and demand surge, which is the increase in costs of materials, services, and labor due to increased demand following a catastrophic event.
AIR says the region continues to experience aftershocks. So far, according to AIR, there have been at least 400 aftershocks above magnitude 3.0, with three registering 6.0.
Citing the Disaster and Emergency Management Agency of Turkey, AIR says more than 2,000 buildings have sustained damage ranging from moderate to complete, with 80 multistory buildings destroyed in the town of Ercis alone.