Turkish earthquake losses will run into billions - Dispatch Weekly
February 16, 2023 - Reading time: ~1 minute
Catastrophe modelling company Karen Clark & Company (KCC) has predicted the insured losses from the two earthquakes to hit Turkey earlier this month could run to $2.4 billion.
Authorities have reported 36,187 deaths from Turkey’s worst earthquake so far.
KCC says it also expects $20 billion in property losses from the magnitude 7.8 and 7.5 earthquakes.
Syria’s humanitarian situation was not included in the firm’s insured loss total.
According to the assessment, the earthquakes damaged or destroyed almost 41,000 buildings in ten of Turkey’s 81 provinces.
The modelling agency called the disaster Turkey’s largest since the 1939 Erzincan earthquake.
On Thursday, JPMorgan estimated that Turkey’s physical building destruction might cost $25 billion, which amounts to 2.5% of GDP.
DW Staff
David Lintott is the Editor-in-Chief, leading our team of talented freelance journalists. He specializes in covering culture, sport, and society. Originally from the decaying seaside town of Eastbourne, he attributes his insightful world-weariness to his roots in this unique setting.
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