Verisk estimates over $10 billion in economic losses from Venezuela earthquake

Verisk Analytics

02/07/2026 10:58

    July 2 (Reuters) - Catastrophe and risk modeling firm Verisk VRSK.O said on Thursday it expects economic losses from the Venezuelan earthquake to exceed $10 billion.

Here are some details:    
Two powerful earthquakes struck north-central Venezuela near densely populated areas on June 24. With the death toll in the thousands, the government has been prompted to declare a national state of emergency.
"Damage was most severe in the Caracas metropolitan region and the coastal state of La Guaira, where an estimated 1,400 buildings were destroyed," Verisk said. 
It added that there is a higher degree of uncertainty than usual in estimating the insured losses for the event.
Verisk listed macroeconomic conditions, elevated inflation, low insurance penetration and sanctions-related market complexities as factors impacting the modeling. 

 (Reporting by Manya Saini in Bengaluru; Editing by Shreya Biswas)
 ((Manya.Saini@thomsonreuters.com; X: manya__saini;))