Japan earthquake estimated to cost insurers US$6.4 billion: report

INSURED losses from the devastating earthquake in Japan could reach US$6.4 billion, according to an estimate from US-based catastrophe modeling firm Karen Clark & Co (KCC).

Losses from residential properties account for more than two thirds of the total, according to KCC, as most commercial and industrial buildings in the affected cities are more seismic-resistant because of their predominantly steel construction.

The quake struck western Japan’s Noto peninsula on the afternoon of New Year’s Day, flattening homes, triggering a tsunami and cutting off remote communities.

The death toll from the disaster is nearing 100, and the US said on Friday it is preparing military logistical support and aid. REUTERS