Japan earthquake estimated to cost insurers $6.4 billion – report

(Reuters) – Insured losses from the devastating earthquake in Japan could reach $6.4 billion, according to an estimate from U.S.-based catastrophe modeling firm Karen Clark & Co (KCC).

Losses from residential properties account for more than two thirds of the total, according to KCC, as most commercial and industrial buildings in the affected cities are more seismic-resistant because of their predominantly steel construction.

The quake struck western Japan’s Noto peninsula on the afternoon of New Year’s Day, flattening homes, triggering a tsunami and cutting off remote communities.

The death toll from the disaster is nearing 100, and the United States said on Friday it is preparing military logistical support and aid.

(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)