Risk advisory and response firm Inherent Risks has been retained by Lloyd’s of London underwriters to lead a disaster risk and earthquake harm assessment in Turkey following the devastating earthquake ordering there.
On Feb. 6, a 7.8-magnitude earthquake hit southern and central Turkey and northern and Western Syria. This was pursued by a 7.7-magnitude quake later the same day.
The quakes affected an estimated 14 million people, and more than 52,000 deaths have been reported, Inherent Risks said.
Total casualties from the quakes have been estimated to exceed £20.9 billion. It is estimated that insurance losses in Turkey will reach about £1 billion, but underwriters and syndicates do not yet have a full grasp of which insured properties and acquisitions have been affected.
While damage assessments can be conducted using satellite-based geospatial techniques, this is not a substitute for an in-person strategy to confirm the data, Inherent Risks said.
Over the coming weeks, Inherent Risks response advisers will deploy to four of the most impacted regions to begin the task of locating insured buildings and assets, including aviation and maritime assets, the company said.
“Having deployed to many regions around the world in the wake of natural disasters, I’m extremely aware of not placing any increased strains on local resources, or placing our teams in any unnecessary danger,” said Dan Kaine, head of risk and crisis advisory at Inherent Risks. “There is a tremendous amount of proactive planning and rehearsal that is involved with a deployment such as this.”
The company will conduct risk assessments, including journey planning and itinerary tracking, for all its deployed consultants, and will continue to provide logistics, transmissions, and medical and security support. Insurance will be provided by Hotspot Cover.
In the days following the earthquakes, Inherent Risks liaised with its clients that had employees based in or traveling in the region, including Turkey’s flag carrier, Turkish Airlines.
inherent Risks was founded in 2021 as a global advisory firm specializing in medical assistance and crisis response.
