Verisk estimates economic losses from the June 24, 2026 earthquake sequence in Venezuela will likely exceed USD 10 billion. The Catastrophe and Risk Solutions group at Verisk noted a higher degree of uncertainty than usual in estimating the insured share of industry losses. This uncertainty stems from Venezuela's macroeconomic conditions, elevated inflation, low insurance penetration, and sanctions-related market complexities.

Earthquake Sequence and Impacts

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, marking the strongest earthquake to impact Venezuela since 1900. The shallow strike-slip rupture occurred along the San Sebastián fault system and was 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.

Modeling Information

Because of Venezuela's economic environment, Verisk notes greater uncertainty than is typical for an industry loss estimate. Factors contributing to this uncertainty include assumptions regarding earthquake insurance take-up rates, ongoing inflationary pressures, and challenges associated with accurately valuing insured assets in a rapidly changing economic environment.

The modeled insured loss estimates do not include losses resulting from fire-following, landslides, sprinkler leakage, loss adjustment expenses, or damage to uninsured properties. The estimates also exclude losses associated with civil engineering risks, marine cargo and hull risks, aviation risks, transit warehouse risks, personal accident risks, and other non-modeled sources of loss.

Building Stock and Insurance Market

The majority of residential buildings in Venezuela's urban areas are constructed of masonry, including reinforced, confined, and unreinforced masonry structures. Reinforced concrete is the predominant construction type in mid- and high-rise residential buildings, particularly in major urban centers such as Caracas. Although modern engineering standards exist, seismic performance varies significantly due to local construction practices, material quality, and enforcement of building codes.

Venezuela's insurance and reinsurance sector remains relatively small and highly concentrated compared to many global markets. The industry continues to operate under challenging macroeconomic conditions characterized by elevated inflation, currency depreciation, regulatory complexity, and limited market capacity. These conditions create additional uncertainty when estimating insured losses following a catastrophe.

Interim President Delcy Rodriguez praised President Trump and Secretary Marco Rubio for respectful communication during an exclusive interview set to air Thursday at 3:00 pm ET on Real America's Voice (RAV). Rodriguez, who has served as Interim President since January 3, highlighted the constructive dialogue with U.S. leadership as a key mechanism for resolving differences. The interview addresses Venezuela's efforts to re-enter the international financial system, aiming to restore correspondent banking for both public and private banks.

Key Discussion Points

The interview, conducted by RAV Espanol President of Programming Javier Negre, covers a wide range of critical topics affecting Venezuela and its relations with the United States. Rodriguez emphasized that communication with the U.S. administration has been frank and respectful, noting that Secretary Rubio serves as a primary channel for addressing financial issues.

Financial and Diplomatic Relations

Rodriguez detailed ongoing efforts to untangle Venezuela's return to the global financial system. She expressed hope that Cuba would engage in dialogue with the United States to resolve differences and potentially end the economic blockade. The interview also touches on domestic issues such as Venezuelan inflation, sanctions, and allegations of election fraud involving opposition leader Maria Karina Machado.

Broadcast Details

Viewers can watch the interview on Real America's Voice at realamericasvoice.com or via the app on Apple and Android devices. The network is also available on DISH Network, Apple TV, Amazon Fire TV, Pluto TV, Samsung TV Plus, Vizio, FreeCast, and Roku. RAV Español can be accessed online at americasvoice.news/rav-espanol/, YouTube, and Rumble.