Perils has released its second loss estimate for the Turkey and Syria earthquakes, which the region in February, at TRY 86.4 billion ($6.55 billion). 

The reporting follows its initial tally of TRY 65.4 billion ($5.15 billion) released on March 21, with another update expected on August 6.  

Perils says the number includes losses from the property line of businesses in Turkey only, with the losses amounting to the costliest in the country’s history.  

Two high-magnitude earthquakes hit the country’s southern region, as well as northern Syria, on February 6, causing heavy casualties and property destruction.  

The latest official figures place the death toll at 59,259, with 122,004 injured. Approximately 3 million have been forced to relocate from their homes, with 5.2 million requiring humanitarian support. 

“Insurance and reinsurance can play a central role in restoration efforts after an earthquake event. However, to ensure sustainable capacity, it is critical that the risk is properly understood and can be assessed accurately and effectively,” Perils CEO Luzi Hitz said. 

By providing our industry loss and exposure data for Turkey and many other territories, we hope to contribute to this heightened risk understanding and by so doing, support the increased availability of insurance and reinsurance for natural catastrophe risk.”