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Türkiye Earthquake Could Cost $4b in Economic Losses

Rescue teams near a collapsed building in the city of Kahramanmaras, southeastern Türkiye, as a result of a devastating earthquake. (EPA)
Rescue teams near a collapsed building in the city of Kahramanmaras, southeastern Türkiye, as a result of a devastating earthquake. (EPA)
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Türkiye Earthquake Could Cost $4b in Economic Losses

Rescue teams near a collapsed building in the city of Kahramanmaras, southeastern Türkiye, as a result of a devastating earthquake. (EPA)
Rescue teams near a collapsed building in the city of Kahramanmaras, southeastern Türkiye, as a result of a devastating earthquake. (EPA)

Fitch Ratings said insurable economic losses following the quakes (in Türkiye) could exceed $4 billion.

"Economic losses are hard to estimate as the situation is evolving, but they appear likely to exceed" $2 billion and could reach $4 billion "or more," Fitch Ratings said.

Insured losses will be much lower, possibly around $1 billion, due to low insurance coverage in the area, it added.

“We do not expect catastrophe bonds to be significantly affected as the earthquake risk they cover in the region is mostly limited to the Istanbul area,” according to Fitch.

In addition to 12,873 people killed in Türkiye, the country’s disaster management agency said that 62,937 have been injured.

A 7.7-magnitude quake struck early Monday, according to GFZ German Research Centre for Geosciences. It was followed by a 7.6-magnitude quake that struck at noon in addition to hundreds of aftershocks since then.

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France Summons Israeli Ambassador over Diplomatic Incident in Jerusalem

The Palestinian village of Burqa is seen as an Israeli flag is placed in the Jewish West Bank outpost of Homesh, Monday, Jan. 17, 2022. (AP Photo/Ariel Schalit)
The Palestinian village of Burqa is seen as an Israeli flag is placed in the Jewish West Bank outpost of Homesh, Monday, Jan. 17, 2022. (AP Photo/Ariel Schalit)
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France Summons Israeli Ambassador over Diplomatic Incident in Jerusalem

The Palestinian village of Burqa is seen as an Israeli flag is placed in the Jewish West Bank outpost of Homesh, Monday, Jan. 17, 2022. (AP Photo/Ariel Schalit)
The Palestinian village of Burqa is seen as an Israeli flag is placed in the Jewish West Bank outpost of Homesh, Monday, Jan. 17, 2022. (AP Photo/Ariel Schalit)

France's Foreign Ministry summoned Israel's ambassador on Tuesday following an incident involving Israeli security forces during a visit last week by French Foreign Minister Jean-Noël Barrot to Jerusalem.

The French ministry condemned the presence of armed Israeli police at the Eléona, a French-owned site on the Mount of Olives, and the brief detention of two French consulate gendarmes with diplomatic status.

Barrot canceled his scheduled visit to the compound. France has demanded measures to prevent such incidents from reoccurring, The AP reported.

Israeli police portrayed the controversy as a misunderstanding, saying two church workers who declined to identify themselves had refused entry to Israeli security guards accompanying Barrot. Police said they held the men for about 20 minutes and released them once they were identified as employees of the French Consulate in Jerusalem, the protector of French religious communities and four holy sites in the city.

Israeli police said all foreign ministers on official visits are assigned Israeli security guards. It said the logistics of Barrot’s visit were worked out beforehand with the French Embassy in Israel.

The diplomatic rift arose amid heightened security concerns for the France-Israel UEFA Nations League match on Thursday in Paris.

French authorities have announced extensive security measures to safeguard the event following violence against Israeli fans in Amsterdam.