(Reuters) – Insured losses from the devastating earthquake in Japan could reach $6.4 billion, according to an estimate from U.S.-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 United States said on Friday it is preparing military logistical support and aid.
