An unpredictable peril; why earthquake should always be on the risk radar
Authored by AXA XL Science Specialist Salvatore Iacoletti
Earthquakes are unpredictable and can devastate communities, causing large-scale economic damage. Salvatore Iacoletti, Science Specialist at AXA XL, explains how a scientific exploration of earthquake activity can help risk professionals to be better prepared for these events.
In February, Turkey and Syria were hit by a series of major earthquakes. The first was a magnitude 7.8 earthquake located on the East Anatolian fault. This earthquake triggered a sequence of more than 130 aftershocks with a magnitude above 4.5 (to date). The largest aftershock was a magnitude 7.5 earthquake, which occurred only nine hours after the mainshock around 100 kilometers north.
Before the magnitude 7.8 mainshock, southern Turkey and northern Syria had only experienced three magnitude 6 or larger earthquakes since 1970 (with the largest being a magnitude 6.7 event). Despite the relative seismic quiescence of this region, historical records and geological studies show that this region has experienced significant and damaging earthquakes in the distant past. Aleppo (Syria), for example, was devastated several times historically by large earthquakes (two magnitude 7+ earthquakes in 1138 and 1822).
The 2023 Turkey-Syria earthquakes struck densely populated areas resulting in the tragic loss of life of around 57,000 people. Thousands of buildings collapsed, hospitals were damaged and cold weather conditions hampered rescue efforts. Property damage alone is estimated at over US$100B.
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AXA XL is the P&C and specialty risk division of AXA which provides property, casualty, professional and speciality products to industrial, commercial and professional firms, insurance companies and other enterprises, here in the UK and throughout the world. With underwriting teams based in the US, UK, EMEA and Asia Pacific regions, we can make decisions close to the markets you serve and work with you to tailor cover to your business needs.
We help businesses adapt and thrive amidst change. Rather than just paying covered claims when things go wrong, we go beyond protection into prevention so your business can go beyond the unexpected.