9:20 PM | Category ,

Chile Earthquake Insured Losses may Amount to $8B


The loss after a devastated earthquake in Chile has amounted to $8 billion, a rate which won't have a big impact on the pricing of insurance.

It is expected that the well-developed economy of Chile will recover this loss.

Eqecat Inc., a Catastrophe risk modeling firm, has pointed out that the insured losses could range from $3 billion to $8 billion. The company also said the loss represents 15-40% of the estimated insured limits for earthquake coverage.

The loss estimate takes into explanation insured damage to belongings, commerce interruption losses and higher prices for cleanup and redevelopment materials, services and labor due to a surge in demand after the catastrophe.