Catastrophe and risk modeling firm Verisk announced Thursday that it expects economic losses from the recent Venezuelan earthquake to surpass $10 billion.
Two powerful earthquakes struck north-central Venezuela near heavily populated areas on June 24. The death toll has climbed into the thousands, and the government has declared a national state of emergency in response.
According to Verisk, the hardest-hit areas were the Caracas metropolitan region and the coastal state of La Guaira. The firm noted that an estimated 1,400 buildings were destroyed across those areas.
Verisk also cautioned that estimating insured losses for this event carries more uncertainty than usual. The company pointed to several complicating factors, including difficult macroeconomic conditions, elevated inflation, low rates of insurance coverage among the population, and market complexities tied to international sanctions.
