The Extreme Event Solutions business unit of Verisk estimates insured property losses resulting from the Jan. 1, 2024, 7.5 magnitude Noto Earthquake will range between $1.8 billion and $3.3 billion (260 and 480 billion JPY).

The United States Geological Survey (USGS) noted that while earthquakes are common in Japan, the region surrounding the Noto Peninsula earthquake sees lower rates of seismicity as compared to the major subduction zone along its east coast.

Since 1900, 30 other M6 and larger earthquakes have occurred within 250 km of the Jan. 1 event, the global data analytics provider reported.

Japan’s building codes are considered “among the most advanced in the world and have been adopted and practiced well since 1981”.

In the areas impacted, Verisk said the seismic code requirements are higher than those in the southern part of Japan.

Earlier this month, Karen Clark & Company reported an estimated $6.4 billion in total insured losses resulting from the earthquake damage. The figure represents an estimate of the total of all insured losses resulting from the earthquake.

Verisk’s modeled insured loss estimates don’t take into account the following: losses to uninsured properties, land, infrastructure, autos, business interruption, workers compensation, railway, marine cargo and marine hull risks, aviation risks, transit warehouse risks, cargo and personal accident risks, loss adjustment expenses, non-modeled risks, and demand surge.