Insured losses from the devastating earthquake in Japan could reach US$6.4 billion (S$8.5 billion), according to an estimate from US-based catastrophe modelling firm Karen Clark &amp; 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.

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A worker looks at a car stuck on a broken road in the aftermath of an earthquake, near Anamizu, Japan, Jan 3, 2024.

Japan

Earthquakes

Natural Disasters

Insurance

Reuters

Insured losses from the devastating earthquake in Japan could reach US$6.4 billion (S$8.5 billion), according to an estimate from US-based catastrophe modelling 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...

Japan earthquake estimated to cost insurers $8.5b: Report