Turkish storm & flood losses rise to $440m
Saturday, 08 05 2017, Category: Insurance and Reinsurance, Country: Turkey
The insurance and reinsurance loss estimate due to damages from two outbreaks of severe storms across Istanbul and the surrounding region of Turkey in the last fortnight are rising, with reports suggesting that the industry loss could now be above US $440 million.
At the start of this week the early estimate was that the storms, which struck the Istanbul region on the 18th July and the 27th July, could have cost local insurers as much as US $200 million. But now the expectation is that the industry loss will be more than double that amount.