Costa Rica Quake Loss Estimates: Under $100M
Catastrophe modelling firm EQECAT said insured losses from yesterday’s [Sept 5] magnitude 7.6 earthquake in Costa Rica are not expected to exceed $100 million USD.
A statement from the Company said: “A magnitude 7.6 earthquake occurred in northwestern Costa Rica on September 5, 2012. The earthquake was felt widely throughout Costa Rica for about 15 seconds. A preliminary tsunami warning from the Pacific Tsunami Warning Center was issued for the localized region of Nicaragua, Panama, and Costa Rica. Insured losses are expected to be minimal, mainly due to the earthquake’s intermediate depth of 40 km.
“If actual intensities were more similar to the PAGER estimate, insured losses will be little to none. If intensities were more similar to the Community Intensity map, then damage would be characterized by toppling contents with limited structural damage to vulnerable buildings, and insured losses would be expected not to exceed $100 million USD.”
