The First $250,000,000 Is On You, The Next $2,500,000,000 Is On Us

In Turkey, compulsory earthquake insurance is offered to the public via a catastrophe insurance pool, which has a claims paying capacity of nearly $2.5 billion, based on its 2021 reinsurance renewal.

Details of the more recent 2022 renewal have not been disclosed, but assuming the structure remains similar to previous years, then Munich Re and Swiss Re would have the biggest shares of the pool’s reinsurance tower, which attached at around US $260 million and covered losses to close to US $2 billion, with other major reinsurers from the London and Bermuda market also participating.