Estimated economic damage cost after earthquake in Turkiye to exceed $4 billion

According to Fitch Ratings, the economic damage from the earthquake in Turkiye will exceed $2 billion and could amount to $4 billion or more.

It is noted that due to the small number of insured territories of Turkiye the insurance coverage is about $1 billion.

According to the agency, the Turkish Catastrophe Insurance Fund (TCIP), established after the 1999 Izmit earthquake, covers only damage to buildings in cities.