5 ms·
Aren’t the reinsurers on the hook for the earthquake in Turkey?
by dr_dshiv 4y ago
Aren’t the reinsurers on the hook for the earthquake in Turkey?
- kurthr 4y agoSomeone maybe, and maybe they'll pay if they want to keep working in Turkey, but... many of the builders were given amnesty for violating construction rules, and then arrested after the earthquake. There's video of Erdogan boasting about how much more housing was put in from the amnesty. So maybe Reinsurers claim most of those buildings aren't covered, because of building violations? That's what they'd do in Florida. https://www.npr.org/2023/02/13/1156512284/turkey-earthquake-erdogan-building-safety https://www.npr.org/2023/02/13/1156512284/turkey-earthquake-...
- tinus_hn 4y agoI don’t know the rules in Turkey but in the Netherlands insurers cannot insure major disasters like earthquakes, war and nuclear explosions, because although the events are extremely rare a single one would bankrupt the companies.