Ecuador insurers make cost projections for 2016 earthquake

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Tuesday, April 18, 2017

Ecuador's insurers received 39,863 claims related to the April 2016 earthquake, according to Patricio Salas, executive secretary at insurance association Fedesg.

Of the number, 35,764 claims have been paid totaling for US$422mn, Salas told local paper El Universo.

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The total cost of the earthquake for the 30 insurers operating in Ecuador will reach US$575mn, the report said

According to official data, reconstruction costs could total approximately US$3.3bn, of which 67% will be financed by the government and the rest by the private sector. Funding of the government's share came in part from the solidarity law - involving a temporary hike of VAT by 2 percentage points - and international loans.