Two people overlook destroyed buildings after the earthquake in Turkey in February 2023. Two people overlook destroyed buildings after earthquakes in Turkey in February 2023. Photo: Abdulkadir/Adobe Stock

There were seven catastrophe events internationally (outside of the U.S.) in 2023 that each caused losses in excess of $1 billion USD, according to the CRESTA Industry Loss Index (CLIX). In total, these events caused losses amounting to $16.7 billion. This is below the average of $17.1 billion (adjusted) caused by international CAT events over the last 23 years.

The most disastrous of these international events was the Kahramanmaras Earthquake Sequence in Turkey in February 2023, which generated an industry loss of $5.8 billion – making it the largest catastrophe loss to ever impact the Turkish insurance market.

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