Japan earthquake estimated to cost insurers US$6.4 billion: Report
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A worker looking at a car stuck on a broken road in the aftermath of an earthquake near Anamizu, Japan.
PHOTO: REUTERS
BOSTON - Insured losses from the devastating earthquake in Japan could reach US$6.4 billion (S$8.48 billion), according to an estimate from US-based catastrophe modelling firm Karen Clark & Co (KCC).
Losses from residential properties account for more than two-thirds of the total, according to KCC, as most commercial and industrial buildings in the affected cities are more seismic-resistant because of their predominantly steel construction.
The quake struck western Japan’s Noto peninsula on the afternoon of New Year’s Day, flattening homes, triggering a tsunami and cutting off remote communities.
The death toll from the disaster is nearing 100, and the United States said on Jan 5 it is preparing military logistical support and aid. REUTERS
