IUA Circular 058/23

Turkey Earthquakes: A look back at February 2023 

 

with guest speakers: Shane Latchman, CEEM, Vice President and Managing Director and Patrick Ball, PhD, CEEM, Research Associate from Verisk

This market Briefing will be: HYBRID

Event Date:  Tuesday 26 September 2023

Time: 12 noon for approx 1 hour  (UK/London time)
 
Venue:  ACORD Conference Suite, 8th floor, 1 Minster Court, Mincing Lane, London EC3R 7AA
In-person registration from 11.30am with Tea/Coffee

Subject:  At this market briefing, our speakers will  provide an overview of the unique tectonic setting in the region, early learnings on building-stock performance, an overview of the events and Verisk’s modelling approach. 
Contact:  Deborah Finch, IUA Events Manager(020 7617 4451)

This is a free event, but names and email addresses of all attendees are required for registration. Please click here to register

Click here for remote access/dial in details 
We understand that some attendees are unable to join our webinar's due to company restrictions for some applications on company computers.  Please note you can also connect and join with a mobile or tablet device.
Please adhere to on line etiquette during our presentations.  We kindly ask you to mute your microphone and video upon commencing the link and to use the Chat application for any questions, which will be addressed by the speaker at the end of the presentation. We suggest dialling in at least 5 mins before the start of the webinar.

A large peninsula that bridges the continents of Europe and Asia, historic Turkey is surrounded on three sides by the Black Sea, the Mediterranean Sea, and the Aegean Sea, and is larger than the state of Texas.

Turkey is one of the most earthquake prone areas on earth and has suffered multiple earthquakes in the past 70 years. The North Anatolian Fault extends hundreds of miles from the Sea of Marmara in the western part of the country to the Eastern Anatolian Highlands. The fault moves back and forth about 8 inches (20 cm) a year.

The country has been experiencing frequent major earthquakes since 1990, including over 20 of magnitude greater than 7 on the Richter scale. Tragically, on February 6th 2023, a magnitude 7.8 earthquake struck south-central Turkey around 40 km northwest of the city of Gaziantep (values as per USGS). This event was followed nine hours later by a magnitude 7.5 temblor approximately 100 km north-northeast of the first epicentre.

This sequence of earthquakes is the largest to hit Turkey since 1939 and over 50,000 people are reported to have lost their lives, making this earthquake sequence the deadliest and most economically damaging in modern Turkish history.

At this market briefing, our guest speakers will provide an overview of the events including a discussion of past earthquakes, the unique tectonic setting in this region, early learnings on building-stock performance and Verisk’s modelling approach so that we can learn from the past to prepare for the future.

Shane Latchman, CEEM, Vice President and Managing Director
As a vice president and the managing director of Verisk’s extreme event solutions team in London, Shane Latchman is involved in many of Verisk’s extreme event models and Touchstone initiatives, such as the integration of third-party data and models, expanding Verisk’s capabilities in marine and energy, climate change quantification, and the Next Generation Financial Module. He interacts frequently with rating agencies and regulators on topics such as stress tests, climate change, and the Solvency II directive on EU insurance regulation. Shane sits on and collaborates with various industry working groups, committees, and boards, including Bank of England, Open Data Standards, Insurance Development Forum, and Cass Business School. He writes and speaks frequently on topics related to catastrophe risk and climate change. Shane holds an MSc in mathematics from the University of Cambridge and a BSc with honours in actuarial science from City University.

Patrick Ball, PhD, CEEM, Research Associate
Dr. Patrick Ball is a Research Associate in Verisk extreme event solutions’ London office. In this role, he helps clients to understand the scientific underpinning and implementation of Verisk's catastrophe models, so that they can best interpret estimated losses. Patrick specializes in earthquake risk. After completing a Masters degree and Ph.D. in Earth sciences at the Universities of Oxford and Cambridge, respectively, he worked as a postdoctoral researcher at several academic institutions around the world. Patrick has published multiple peer-reviewed scientific papers, including a well-cited study on the tectonic history of the Turkey. 

DISCLAIMER: The market briefing presentation materials and speaker comments therein were prepared solely by the presenter(s) in their personal and professional capacity. Any materials or opinions expressed do not necessarily represent the views of the IUA and IUA does not bear any responsibility for, or liability to, any parties in respect of the accuracy, legality or overall content of the presentation or any other comments made by speakers or other attendees during the market briefing.

As a member of the CPD (Continuing Personal or Professional Development) Certification Service the IUA is committed to providing high quality training activities. Our market briefing events are certified as being suitable for CPD purposes. To obtain a self assessment form for any particular event please email Deborah Finch. These forms will be issued after each individual event upon request.