Catastrophe modeling firm Karen Clark & Co. said it expects total property losses of close to $20 billion from the devastating earthquakes that hit Turkey earlier this month, with about $2.4 billion in insured losses.

The loss figures do not include losses within Syria.

On Feb. 6, a magnitude 7.8 earthquake shook southeast Turkey and northwest Syria, with an epicenter in Kahramanmaras province, followed hours later by a M7.5 earthquake with an epicenter 50 miles to the north. While earthquakes in the area are not uncommon, KCC said this was the largest magnitude event in Turkey since the 1939 Erzincan quake.

More than 41,000 buildings were heavily damaged or destroyed across 10 of Turkey’s 81 provinces, KCC said. The death toll already has passed 35,000 and is expected to rise as search and rescue efforts continue.

(AP Photo/Emrah Gurel)