Turkey quake could cost $200 million

Last week’s powerful earthquake in eastern Turkey could cost insurance companies up to $200 million, Business Insurance reports.

More than 500 people died and hundreds of others are feared dead following the 7.2 magnitude quake.

U.S catastrophe modeler EQECAT estimated insured losses at $100 million to $200 million. Total economic damage from the natural disaster should be in the low single-digit billions of dollars.

While a huge sum, it is still much less than the 1999 Izmit earthquake in the western part of the country where almost 20,000 people were killed.