Verisk estimates over $10 billion in economic losses from Venezuela earthquake

July 2 (Reuters) – Catastrophe and risk modeling firm Verisk said on Thursday it expects economic losses from the Venezuelan earthquake to exceed $10 billion.

Here are some details:

• Two powerful earthquakes struck north-central Venezuela near densely populated areas on June 24. With the death toll in the thousands, the government has been prompted to declare a national state of emergency.

• “Damage was most severe in the Caracas metropolitan region and the coastal state of La Guaira, where an estimated 1,400 buildings were destroyed,” Verisk said.

• It added that there is a higher degree of uncertainty than usual in estimating the insured losses for the event.

• Verisk listed macroeconomic conditions, elevated inflation, low insurance penetration and sanctions-related market complexities as factors impacting the modeling.

(Reporting by Manya Saini in Bengaluru; Editing by Shreya Biswas)