Insurance companies face payment orders of up to $ 850 million due to earthquake in Ecuador

 

Insurance companies face damage payments orders of up to $ 850 million due to the 7.8 magnitude earthquake that struck Ecuador on April 16, said Thursday the AIR Worldwide company, which makes estimates of the costs of natural disasters.

Non final figures estimate that almost 600 people died in the earthquake, that according to Ecuadorian President Rafael Correa, caused damage for 2000-3000 million dollars and could subtract 2 to 3 percentage points of economic growth.

“Total economic losses will be much higher than the estimates of insured losses in the sector”, AIR said in a statement.