Catastrophe modeling firm AIR Worldwide estimates that P&C industry insured losses from the 8.3-magnitude earthquake that struck Chile's central coast near Illapel on September 16 will be between $600-$900 million.
AIR's insured loss estimates include insured physical damage to onshore property (residential, commercial/industrial) and direct business interruption losses.
"The September 16 earthquake was the result of convergence between the Nazca and South American tectonic plates," said Dr. Mehrdad Mahdyiar, vice president and senior director of earthquake hazard research at AIR Worldwide.
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