Swiss Re: Earthquake damages for Turkey still under assessment

Swiss Re CFO John Dacey announced that the damage caused by the earthquake in Turkey and Syria is still being assessed. John Dacey, CFO of Zurich-based insurance and reinsurance company Swiss Re, announced that the damage caused by the earthquake, which caused major losses in Turkey and Syria, is still being assessed. Dacey, who said that most of the damage appears to be uninsured, said, "It is too early to determine the extent of Swiss Re's insurance claim." Credit rating agency Fitch Ratings stated in a statement on February 9 that it is difficult to measure insurable losses in the earthquakes affecting Turkey and Syria, but that the loss could most likely exceed $2 billion or even reach $4 billion. The published note also noted that insured losses would be largely compensated by reinsurance.