Reinsurers of the Pool in Turkey can "escape" from claims payment
Reinsurers from the insurance program against earthquakes in Turkey could be exempted from the claims payment due to the high degree of risk retention that the Pool has in case of an earthquake. According to sources from WILLIS Re, the broker who mediated the reinsurance program, the limit of retention of EUR 175 million has not been reached.
The maximum compensation limit through the Turkish Pool is EUR 1.5 billion, and the main reinsurers are MUNICH Re and SWISS Re.
The earthquake measuring 7.2 degrees on the Richter scale occurred on the 24th of October, in the Van province, in Eastern Turkey and resulted in at least 217 dead and 1,090 injured, according to data presented by the Minister of Interior of Turkey, Idris Naim SAHIN.
Reinsurers from the insurance program against earthquakes in Turkey could be exempted from the claims payment due to the high degree of risk retention that the Pool has in case of an earthquake. According to sources from WILLIS Re, the broker who mediated the reinsurance program, the limit of retention of EUR 175 million has not been reached.