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$4 billion in damages from quakes in Turkey and Syria: Agency estimates

Losses from the earthquake that struck Turkey and Syria may approach $4 billion, according to ratings firm Fitch.

The death toll from the 7.8-magnitude earthquake that hit Turkey and Syria on Monday has risen to almost 17,500 and is only likely to grow further as rescuers continue to search the wreckage for survivors.

Economic losses are “impossible to predict since the situation is changing,” but they “look likely to surpass” $2 billion and potentially reach $4 billion “or more,” Fitch Ratings added.

It was also noted that poor insurance coverage in the region would keep insured damages to a minimum, perhaps under $1 billion.

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