Future quake could cause $120 bn damage in Turkey

Ugur Gulen, general manager at Turkish insurer Aksigorta A.S., said that a huge earthquake that is expected to hit Istanbul in the coming several decades could result in damage worth $120 billion, reported Today's Zaman citing Hurriyet Daily News.

Only around a quarter of the projected damage is expected to be insured, said Mr. Gulen.

Losses from the quake would amount to 11% to 15% of Turkey's gross domestic product.

Only 7.1 million of the 17.6 million homes in the nation are currently covered by mandatory quake insurance.

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