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Turkish earthquake losses will run into billions

​​​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.

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