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Commercial claims most of insured losses in Venezuela: Gallagher Re - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Commercial claims most of insured losses in Venezuela: Gallagher Re by Claire Wilkinson Agents and Brokers , Reinsurance Arthur J. Gallagher & Co. Jun 26, 2026 Commercial claims will likely make up the majority of insured losses from the earthquake sequence that struck Venezuela on June 24 because insurance penetration for residential assets remains extremely low, Gallagher Re said in a report issued Friday. A magnitude 7.2 foreshock was followed 39 seconds later by a magnitude 7.5 mainshock, causing catastrophic damage in densely populated areas of north-central Venezuela. While the epicenters were located more than 100 miles from the capital Caracas, strong ground shaking resulted in building collapses, blocked roads, power outages, transportation disruptions and severe damage to the international airport, the report said. At least 589 people were reported killed and more than 4,300 injured as of Friday, Gallagher Re said. Tens of thousands of people remained unaccounted for, the report said. Economic losses are expected to run into the double-digit billions of dollars, with the U.S. Geological Survey estimating a 77% probability that losses from the magnitude 7.5 earthquake alone will exceed $10 billion, the report said. The event is not expected to have a major impact on the global insurance market but could be a significant event for the regional sector, while its impact on the insurance industry remains uncertain, Gallagher Re said. Most insurance takeup is linked to commercial assets, particularly around Caracas, and most claims are expected to originate from those exposures, the report said. A substantial portion of the damage is expected to be uninsured, Gallagher Re said. Early reports indicate that most of Venezuela’s oil and gas infrastructure has not been severely impacted, though prolonged power outages to oil fields could reduce output and lead to business interruption losses, the report said. Damage was also reported to port facilities, retail properties and Simón Bolívar International Airport, Gallagher Re said. The World Bank estimated Venezuela’s 2024 GDP at roughly $120 billion, suggesting the final economic damage tally from the June 24 earthquake sequence could equal a sizable portion of the country’s economy, Gallagher Re said. 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