عربي English Türkçe اردو فارسى
Logo
Latest News
World

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)
TT
TT

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.

Most Viewed

 
 
World

Iran's President Says Tehran Has to Deal with Washington

Iranian President Masoud Pezeshkian speaks to community members, academic figures, tribal sheikhs and officials during his visit, in Basra, Iraq, September 13, 2024. (Reuters)
Iranian President Masoud Pezeshkian speaks to community members, academic figures, tribal sheikhs and officials during his visit, in Basra, Iraq, September 13, 2024. (Reuters)
TT
TT

Iran's President Says Tehran Has to Deal with Washington

Iranian President Masoud Pezeshkian speaks to community members, academic figures, tribal sheikhs and officials during his visit, in Basra, Iraq, September 13, 2024. (Reuters)
Iranian President Masoud Pezeshkian speaks to community members, academic figures, tribal sheikhs and officials during his visit, in Basra, Iraq, September 13, 2024. (Reuters)

Iran's President Masoud Pezeshkian said Tehran will not be able to ignore its arch-foe the United States and needs to "handle its enemies with forbearance", state media reported on Tuesday, a week after Donald Trump won the US presidential election.

"Whether we like it or not, we will have to deal with the US in the regional and international arenas, so it is better to manage this relation ourselves," Pezeshkian, who is viewed as relatively moderate, said.

"We have to treat our friends with generosity and handle our enemies with forbearance."

In 2018, then-President Trump ditched Tehran's 2015 nuclear deal with world powers and re-imposed harsh sanctions as part of his "maximum pressure" policy against Iran.

While there have been no reports that the Trump administration plans to hold talks with Tehran after it takes office in January, the President-elect said during his election campaign "I don't want to do damage to Iran but they cannot have nuclear weapons."

Indirect talks between Washington and Tehran to revive the nuclear deal were initiated under the administration of US President Joe Biden, but failed. Iran is still formally part of the deal but has scaled back commitments to honor it due to US sanctions re-imposed on Iran.

Earlier on Tuesday, government spokesperson Fatemeh Mohajerani said Iran will pursue whatever secures its interest, when asked if there could be direct talks with the Trump administration.

She cautioned that the final decision for talks rests with the top political figure Ali Khamenei and the Supreme National Security Council.

"The maximum pressure campaign of Trump has failed, even if people have been burdened by it. What is important will be actions and not words, but we recommend Trump to take into account the failure of his past policies," Mohajerani added.