Verisk estimates that economic losses from the June 24 earthquake sequence in Venezuela will likely exceed USD 10 billion. The event featured a rare doublet with a magnitude 7.2 foreshock followed 39 seconds later by a magnitude 7.5 mainshock, the strongest to impact Venezuela since 1900. Damage was most severe in the Caracas metropolitan region and La Guaira state, where an estimated 1,400 buildings were destroyed, with significant destruction also reported across Aragua, Carabobo, and Yaracuy states. Verisk notes a higher degree of uncertainty than usual in estimating the insured share of industry losses due to Venezuela's macroeconomic conditions, elevated inflation, low insurance penetration, and sanctions-related market complexities.
Verisk Analytics IncVerisk estimates economic losses from Venezuela earthquakes, which may increase demand for its risk assessment services, but uncertainty due to macroeconomic conditions and low insurance penetration clouds the impact.