Panama quake insured loss in low hundreds of millions, Gallagher Re says

By Navneeta Nandan Oct 15 (The Insurer) — The earthquake that struck Panama on October 9 is expected to result in a moderate regional insured loss, likely in the low hundreds of millions of dollars, Gallagher Re said. The estimate reflects the localized nature of the reported commercial, industrial and residential damage, with limited evidence of widespread impacts across Panama's largest insured exposure concentrations, the reinsurance broker added. This magnitude-7.7 earthquake was Panama’s strongest recorded earthquake and the strongest to strike Latin America this year, Gallagher Re said. Its epicenter was approximately 12 km (7.5 miles) west-southwest of Pitaloza Arriba, in the Azuero region. Critical infrastructure, including the Panama Canal and major airports, remained operational, limiting the potential for significant business interruption losses. The most severe damage was concentrated in central and southern Panama, particularly the provinces of Veraguas, Herrera, Coclé, Los Santos and surrounding regions. However, the reported damage appears concentrated across a relatively limited number of commercial, industrial and residential risks rather than reflecting widespread