Turkey earthquake: Damages estimated to surpass $20 billion

Damages from deadly earthquakes in Turkey last week will probably exceed $20 billion, the risk modelling company Verisk estimated on Tuesday.

Only a fraction of the damages – likely more than $1 billion – is covered by insurance, Verisk said.

The figures come on top of the enormous loss of life from the disaster, with the death toll having risen to 31,974 by Tuesday.

Earthquakes are relatively common in Turkey, and despite regulations to build to protect against earthquakes, results have been "mixed", Verisk said.