Inherent Risks to lead Turkey earthquake damage assessment

Lloyd's has retained the firm following the devastating quakes

Inherent Risks to lead Turkey earthquake damage assessment

Catastrophe & Flood

By Ryan Smith

Risk advisory and response firm Inherent Risks has been retained by Lloyd’s of London underwriters to lead a disaster risk and earthquake damage assessment in Turkey following the devastating earthquake sequence there.

On Feb. 6, a 7.8-magnitude earthquake hit southern and central Turkey and northern and Western Syria. This was followed 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 losses from the quakes are estImated to be as high as $25 billion. It is estimated that insurance losses in Turkey will reach about $1.19 billion, but underwriters and syndicates do not yet have a full grasp of which insured properties and assets have been affected.

While damage assessments can be conducted using satellite-based geospatial techniques, this is not a substitute for an in-person approach to confirm the data, Inherent Risks said.

Over the coming weeks, Inherent Risks response consultants 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 conscious 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 preparation 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, communications, 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.

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