Costa Rican earthquake insured losses estimated at less than $100M: Eqecat

The magnitude 7.6 earthquake that occurred in northwestern Costa Rica on Wednesday should result in less than $100 million in insured damage, according to catastrophe modeler Eqecat Inc.

Oakland, Calif.-based Eqecat noted that the earthquake was felt widely throughout Costa Rica for about 15 seconds. The quake also led the Pacific Tsunami Warning Center to issue a preliminary tsunami warning for the localized region of Nicaragua, Panama, and Costa Rica.

But Eqecat said that due mainly to the earthquake’s depth of about 25 miles, insured losses are expected to be “minimal” and expected not to exceed $100 million.