1999 is a milestone in Turkish history concerning earthquake losses. Total economic loss of 1999 earthquakes was approximately 5-7% of GDP that is approximately 20 billion USD. This significant deficit occurred as a result of the Marmara earthquake of August 17, 1999 and November 12, 1999 Duzce earthquake. These two earthquakes of same year speeded up the process of initiating a financial mechanism in Turkey to lessen the economic impacts of disasters.
|Number of pages
|The Turkish Insurance and Pension Newsletter
|Published - 17 Nov 2014