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
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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
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
