Insured losses from the Chile earthquake will range from $3 billion to $8 billion, according to an early estimate from catastrophe risk modeling firm Eqecat.
Insured losses from the massive Feb. 27 quake amount to 25 percent of the total estimated economic loss. This prediction, explained Eqecat, represents 15-to-40 percent of the estimated insured limits for quake coverage.
The estimates are based on property and casualty insurance premiums of about $4 billion annually in Chile. The company noted that earthquake coverage comprises a minority of p&c premiums, but that coverage limits will be a large multiple of the annual premiums.
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