Global Natural Disasters Figures: $100 bn Insured Losses
2024 is a continuation of the recent run of years with high losses from natural disaster. While the overall losses of $120bn in 2023 were lower than those in 2022
Turkey and Syria are both situated in a seismically active region, characterized by frequent and significant earthquake activity.
Turkey lies on several major fault lines, including the North Anatolian Fault, which stretches across the country from the Aegean Sea to the eastern part of Turkey. This fault has been responsible for numerous devastating earthquakes throughout history. The country experiences regular seismic activity due to the complex tectonic interactions between the African, Arabian, and Eurasian plates. Major earthquakes in Turkey can lead to extensive damage to infrastructure and significant loss of life.
Syria, while less seismically active than Turkey, also experiences earthquakes due to its location near the boundary between the Arabian and Eurasian plates. The country has witnessed several damaging earthquakes historically. Syrian cities, many of which are located in seismically vulnerable areas, face risks from both natural earthquakes and the compounded effects of ongoing regional instability.
Both countries have developed earthquake preparedness and response strategies, though challenges remain in effectively managing and mitigating earthquake risks due to varying levels of infrastructure development and political factors.
2024 is a continuation of the recent run of years with high losses from natural disaster. While the overall losses of $120bn in 2023 were lower than those in 2022
The estimated insurance claims bill from the sequence of earthquakes that hit Turkey and Syria earlier in February appears to be growing
According to Global InsurTech Report, 2022 has been a year of macro-realism (for many InsurTechs, investors and risk partners), micro company hardship