Highlights

  • More than 21,000 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria on Feb 6th
  • Insured losses will be much lower, possibly around $1 billion: Fitch

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The Turkey and Syria earthquake, in which over 21,000 people have lost their lives could cause economic losses exceeding $4 billion: report 

Turkey, Syria earthquake could cost economic loss of over $4 bn: Fitch

The earthquake that has devastated Turkey and Syria could cause economic losses exceeding $4 billion, ratings agency Fitch said on Thursday.

More than 21,000 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria on Monday, and the toll is expected to rise as rescuers comb the rubble for survivors.

"Economic losses are hard to estimate as the situation is evolving, but they appear likely to exceed" $2 billion and could reach $4 billion "or more", Fitch Ratings said.

Insured losses will be much lower, possibly around $1 billion, due to low insurance coverage in the area, it added.

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