Damage from an earthquake in Turkey will be huge
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Turkish Catastrophe Insurance Pool (TCIP) covers only damage to buildings in urban areas, but does not cover human casualties.
Losses from a large-scale earthquake in Turkey will be huge and will exceed $4 billion, but the figure may change.
Such a forecast was given by the rating agency Fitch Ratings, noting that the final losses are now impossible to estimate, as the situation is constantly changing.
“Economic losses are difficult to estimate as the situation develops, but they are likely to exceed $2 billion and may reach $4 billion or more,” the report said.
Insurance losses will amount to about $1 billion due to the low insurance coverage of the affected regions. According to the agency, the Turkish Disaster Insurance Pool (TCIP), created after the 1999 Izmit earthquake, covers only damage to buildings in urban areas, but does not cover, in particular, human casualties.
Earthquake in Turkey
On the morning of February 6, a powerful earthquake with a magnitude of 7.8 occurred in Turkey and Syria. Then followed many aftershocks and several more earthquakes.
Since then, the rescue work has not been stopped, but the cold weather makes it difficult.
A detachment of Ukrainian rescuers and the necessary equipment were sent to Turkey to help. According to the State Emergency Service, the reason for the large-scale destruction in Turkey, which occurred due to a powerful earthquake, may be incorrect construction planning.
As of February 10, 2023, the earthquake in Turkey and Syria claimed the lives of more than 21,000 people. There are still people under the rubble. Rescue operations are ongoing.
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