Oklahoma earthquake insured damage expected to be less than $100M: EQECAT

OAKLAND, Calif.—The magnitude-5.6 earthquake that struck Oklahoma on Saturday likely will cost insurers less than $100 million, according to modeling firm EQECAT Inc.

The earthquake, described by the U.S. Geographical Survey as “the largest to hit Oklahoma in modern times,” was preceded by a magnitude 4.7 foreshock and followed by several aftershocks of magnitude 4 or higher, Oakland, Calif.-based EQECAT noted in a statement Tuesday.

Earthquakes of such size, the USGS also said, “are believed to be capable of striking anywhere in eastern North America at irregular intervals,” EQECAT noted.