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Member, Beacon International Group, Ltd.
OAKLAND, Calif.—Insured property damage from the Sunday earthquake that affected southern California and northern Mexico should not exceed $300 million, according to catastrophe modeler EQECAT Inc.
Oakland, Calif.-based EQECAT estimates that total economic damage will not exceed $1 billion, most of it in Mexico.
“Although damage will have occurred in both Mexico and the U.S., the community of Mexicali is the largest urban area affected by this event, and damage there is expected to be widespread,” EQECAT in a Monday statement.
“The largest U.S. city affected by the earthquake is El Centro, Calif., although significantly less damage is expected there than in Mexicali, due both to lower-intensity ground shaking and less vulnerable structures,” the catastrophe modeler said.