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.
