The cost of reinsuring properties in Turkey against natural catastrophes has doubled in areas devastated by last year’s earthquake, according to new figures, as the industry assessed the fallout from another major quake in Japan.
The earthquake in Turkey and Syria last year, which killed tens of thousands of people and left insurers with an estimated bill of $6bn, prompted a “radical tightening” in some types of property catastrophe reinsurance, according to broker Gallagher Re.
The price of such reinsurance, which insurers buy to share the cost of claims for events such as hurricanes and earthquakes, rose by between 50 per cent and 100 per cent in Turkey in end-of-year policy renewals, Gallagher Re said on Tuesday.
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