Economic losses from the powerful earthquake sequence that struck northern Venezuela on June 24 are expected to exceed $US10 billion ($14.4 billion), but uncertainty remains over the proportion that will be insured, Verisk says.

The country’s difficult economic conditions, low insurance penetration and sanctions-related market complexities make estimating insured losses more challenging than usual, according to the catastrophe modeller.

The most severe damage occurred in the Caracas metropolitan area and the coastal state of La Guaira, where about 1400 buildings were destroyed.

Significant damage was also reported across Aragua, Carabobo and Yaracuy states.

Verisk says its insured cost estimates exclude potential losses including fire following the quakes, landslides, loss adjustment expenses, infrastructure damage and marine, aviation and personal accident risks.

It says earthquake insurance take-up rates, coverage levels and the difficulty of accurately valuing insured assets could materially affect the final industry loss.