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TURKIYE – earthquake update; insured losses may exceed USD 4 billion

The consecutive two devastating earthquakes that hit on 5 February Turkiye and Syria in the region of their common border, as well as the tens of aftershocks, have caused insurable losses that may exceed USD 4 billion, real-estate information firm CoreLogic estimates.

According to official information from the Turkish Ministry of Interior, the death toll already went above 12,500, while the disaster affected many parts of Southern Turkiye and Northern Syria, including 10 cities. Official sources have reported, as of yesterday, a number of 9,057 victims in Turkiye and about 3,500 in Syria, while the number of injured may have surpassed the 55,000 threshold. Approximately 300,000 people in the region are left homeless after 8,300 buildings collapsed and the World Health Organization estimates that 23 million people in the region need aid.

The earthquakes have also destroyed, besides housing units, numerous commercial and industrial facilities, also disrupting flows of oil in the region, including operations at the Ceyhan oil terminal in Turkey, despite the Kirkuk-Ceyhan and Baku-Tbilisi-Ceyhan pipelines remaining undamaged.


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