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Risk Management Solutions Inc. said that property damage from the two recent earthquakes in Japan's Kumamoto Prefecture is likely to total up to $3.5 billion, reported Asia Insurance Review.
The estimate includes damage to property and contents for residential, commercial and industrial buildings. A 6.4-magnitude and 7.0-magnitude quake hit the nation on April 14 and April 16, respectively, causing widespread damage and destruction. AIR Worldwide Corp. had estimated the insured property losses to be up to $2.9 billion.