The giant killer earthquake that rocked China caused an insured loss of between $300 million and $1 billion, catastrophe risk modeling firm AIR Worldwide estimated.
The Boston-based firm said uninsured property damage would be about $20 billion. The estimates cover property losses for residential, commercial/industrial and Construction All Risks / Erection All Risks (CAR/EAR) lines of business.
Meanwhile, Eqecat in Oakland, Calif., which has not yet figured insured loss said that economic damage from the quake probably will not exceed $75 billion. Tom Larsen, senior vice president for Eqecat said that estimate was "really rough."
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