Earthquake in the Van province

An earthquake of a 7.2 magnitude on the Richter scale hit the province of Van near the Iranian borders. The provisional toll, by October 28, 2011, refers to approximately 550 dead and more than 2300 injured. Kandilli city research institute has listed 3713 damaged buildings. No estimate of insured losses has been made.
The earthquake epicenter is located in a poor mountainous region where only 9% of the constructions have compulsory covers against earthquakes. The impact on the insurance market should be limited. It is the most important earthquake since the one which occurred in 1999.

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