The quake that hit China last week, in addition to its massive human toll, did untold property and business damage, which catastrophe modelers were finding difficult to assess for insurance loss.
Normally, the firms that make insurance loss projections are quick to follow catastrophes with estimates, but last week they were slow in coming.
Late in the week only one firm, AIR Worldwide in Boston, had put out a figure for insured loss–from $300 million to $1 billion–but it cautioned that there is a high level of uncertainty in insured loss estimates in China where the insurance market is rapidly developing and earthquake coverage is optional for both residential and commercial policies.
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