Insurable losses from Turkey earthquake could exceed $4bn – CoreLogic

HOUSTON (ICIS)–The devastating earthquake and aftershocks that struck near the Turkey-Syria border on 5 February caused insurable losses that could top $4bn, according to real-estate information firm CoreLogic.

In its latest update on the disaster, Turkey’s Ministry of Interior Disaster and Emergency Management (AFAD) estimated that 4,544 people have died, with 26,721 injured.

The earthquakes disrupted flows of oil in the region, including operations at the Ceyhan oil terminal in Turkey, despite the Kirkuk-Ceyhan and Baku-Tbilisi-Ceyhan pipelines remaining undamaged.

Media reports indicate that the terminal has resumed operations.

Reuters reported that an oil tanker, the Vallesina, berthed at the terminal to load Iraqi crude oil on Tuesday evening local time.

CHEMICALS USED IN CONSTRUCTION
The damage and efforts to rebuild can translate to increased demand for many chemicals and polymers that are used in the construction sector.

The white pigment titanium dioxide (TiO2) is used in paints.

Solvents used in paints and coatings include butyl acetate (butac), butyl acrylate (butyl-A), ethyl acetate (etac), glycol ethers, methyl ethyl ketone (MEK) and isopropanol (IPA).

Blends of aliphatic and aromatic solvents are also used to make paints and coatings.

For polymers, expandable polystyrene (EPS) and polyurethane (PUR) foam are used in insulation.

Polyurethanes are made of methylene diphenyl diisocycanate (MDI), toluene diisocyanate (TDI) and polyols.

High density polyethylene (HDPE) is used in pipe. Polyvinyl chloride (PVC) is used to make cladding, window frames, wires and cables, flooring and roofing membranes.

Unsaturated polyester resins (UPR) are used to make coatings and composites.

Vinyl acetate monomer (VAM) is used to make paints and adhesives.

Additional reporting by Eloise Radley and Al Greenwood