Japan earthquake estimated to cost insurers $8.5b: Report

Insured losses from the devastating earthquake in Japan could reach US$6.4 billion (S$8.5 billion), according to an estimate from US-based catastrophe modelling 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.

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