Verisk Estimates Economic Losses From June 24 Venezuela Earthquake Sequence Will Exceed USD 10 Billion

The Catastrophe and Risk Solutions group at Verisk (Nasdaq: VRSK), a leading strategic data analytics and technology partner to the global insurance industry, estimates economic losses from the June 24, 2026 earthquakes in Venezuela will likely exceed USD 10 billion.

Verisk notes a higher degree of uncertainty than usual in estimating the insured share of industry losses because of Venezuela's macroeconomic conditions, elevated inflation, low insurance penetration, and sanctions-related market complexities.

On June 24, Venezuela was struck by a rare earthquake doublet near Yumare-Morón in Yaracuy state, approximately 100 miles west of Caracas. A magnitude 7.2 foreshock was followed just 39 seconds later by a magnitude 7.5 mainshock, making it the strongest earthquake to impact Venezuela since 1900.

The shallow strike-slip rupture occurred along the San Sebastián fault system within the tectonically active boundary zone between the Caribbean and South American plates and was subsequently followed by more than 430 recorded aftershocks.

Damage was most severe in the Caracas metropolitan region and the coastal state of La Guaira, where an estimated 1,400 buildings were destroyed. Significant destruction was also reported across Aragua, Carabobo, and Yaracuy states.

Communities including Puerto Cabello, Catia La Mar, Maiquetía, San Felipe, Los Teques, Petare, Valencia, and Baruta experienced severe shaking, according to U.S. Geological Survey intensity estimates.