Fitch Ratings says most insurance payments are due to earthquake in Turkey and Western Syria on February 6 will eventually be covered by global insurers. According to this agency, it is currently difficult loss estimate may be insurable as the situation is still evolving but it is likely that losses will exceed $2 billion, even up to $4 billion or more.
However, insurable losses are expected to be much lower, around $1 billion, due to low coverage in the affected areas. Earthquake insurance is technically mandatory in Turkey but is often not enforced in practice. As a result, many residential properties are not insured.
Credit rating agency Fitch Ratings (USA) estimated the damage in the earthquake in Turkey at up to 4 billion USD. Photo: CGTN
Coverage in affected areas of Syria is likely to be as low as Turkey’s, especially given the economic impact of the conflict in the country.
On February 9, Turkish Vice President Fuat Oktay said: number of people killed by the earthquake in this country has increased to 14,351 people.
During a visit to Gaziantep province, Turkish President Recep Tayyip Erdogan told reporters that more than 6,400 buildings have been destroyed by the earthquake and that his country is aiming to build new 3- and 4-story buildings in the area. this area within a year.
Turkish President Recep Tayyip Erdogan visits Gaziantep province. Photo: Twitter
In Syria, local media reported that the death toll from the earthquake in the country was 3,162 as of February 9.
A United Nations convoy carrying humanitarian aid has entered Syria through the Bab al-Hawa border crossing, according to Archyde.com.
The United Nations earlier said it had received assurances that aid would reach earthquake-stricken areas in northwest Syria through the Bab al-Hawa border crossing, and asked not to “correctly” “valence” this bailout.