Thursday, September 28
9:00-10:00 AM Pacific Time
The EERI Northern California Regional Chapter is hosting a FREE webinar on the earthquakes that struck Turkey. The topic deals with how earthquake losses are covered by insurance in Turkey and contrast to that in United States.
On 6 February 2023, a M7.8 earthquake struck southern and central Turkey and northern and western Syria. It was followed by a M7.5 earthquake later the same day. There was widespread damage and tens of thousands of fatalities. The total cost of earthquake damage in Turkey was estimated by TÜRKONFED at $84 billion US dollars ($71B on rebuilding, $10B loss in national income, and an additional $3B loss in workforce). The Turkish government released a preliminary report estimating the total damage cost at $103.6 billion, corresponding to 9 percent of its GDP in 2023. About half of residential property in the affected area is thought to be covered by Turkish Compulsory Earthquake Insurance (source: Wikipedia).
- Dr. Ufuk Yazgan is a Professor at Istanbul Technical University, and will pro-vide an overview of the damage to the building stock.
- Mr. Erdem Karabostan is the General Manager at the Turkish firm T-Rupt that advises on loss estimates for the Turkey Reinsurance Industry. He will explain how the insurance industry operates and responded to the earthquakes.
- Dr. Patxi Uriz is a Director at Moody’s Risk Management Solutions (RMS) Corporation (USA) focusing on catastrophic risk management. Dr. Uriz leads the earthquake and wildfire vulnerability teams at Moody’s RMS. He will contrast the Turkish and US construction and insurance practices.
The webinar will include time for participants to ask questions of the speakers.