Baja insured quake losses $300M
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Insured property damage from the April 4 earthquake that affected southern California and northern Mexico should not exceed $300 million, according to an estimate released by Oakland, Calif.-based catastrophe modeler EQECAT Inc. EQECAT estimated that total economic damage will not exceed $1 billion, most of it in Mexico. The earthquake, which had a magnitude of 7.2, had its epicenter in Baja California, about 38 miles from Mexicali, Mexico. Newark, Calif.-based modeler Risk Management Solutions Inc. said damage reports from the U.S. side of the border reports “are mainly in the form of damage to building facades, shattered windows, fallen brick and plaster from structures and some contents damage.”
