The insured property losses from the magnitude 7.0 earthquake that struck Japan’s Kyushu Island could amount to as much as US$2.9 billion, according to catastrophe modelling firm AIR Worldwide.
The company said the island continues to take stock of the casualties and widespread losses from two shallow and major earthquakes that hit Kumamoto Prefecture on April 16.
Insurance losses on residential and commercial property could range from $1.7 billion to $2.9 billion, AIR said. Estimates did not include losses to land, infrastructure, cars, business interruption or workers' compensation.
According to AIR, almost all of the residential building damage occurred in Kumamoto Prefecture, although Fukuoka, Oita, and Miyazaki prefectures also have experienced some damage.
The Japan Fire and Disaster Management Agency estimates that more than 3,900 residences and 120 non-residential buildings were damaged or destroyed.
The temblors also resulted in a number of mudslides, 14 fires, power and water outages, damage to highways, rail lines, bridges, and other infrastructure.
The disaster also caused significant supply-chain and production interruption for regional industries and cancellation of some airline and train service.
At least 48 people are reported to have been killed while more than 900 have been injured.