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Economic losses from June 24 Venezuela earthquakes likely exceed $10 billion, with severe damage and insurance challenges.

Market News
02 Jul 2026, 12:05 WIB
GlobeNewsWire
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Bearish
Economic losses from June 24 Venezuela earthquakes likely exceed $10 billion, with severe damage and insurance challenges.

On June 24, 2026, Venezuela experienced its strongest earthquake since 1900, a doublet near Yumare-Morón with magnitudes 7.2 and 7.5, causing widespread destruction especially in Caracas and nearby states. Verisk estimates economic losses to exceed $10 billion but notes high uncertainty in insured losses due to Venezuela's economic instability, low insurance penetration, and sanctions. The quake heavily damaged over 1,400 buildings and highlighted vulnerabilities in construction and the insurance market. These factors complicate loss assessments and recovery efforts moving forward.

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