China quake damage estimated at 20 bln USD

The earthquake that devastated China's southwest region caused an estimated 20 billion USD (12.9 billion euros) in damage. Most of it, according to a CNN report, was not covered by insurance.

According to the risk modeling firm AIR Worldwide, only as little as 1 billion USD (643.8 million euros) is in insured damge.

The company estimated that the total property value in the area hit by the quake is about 215 billion USD (138 billion euros). In China, earthquake coverage is not mandatory for residents or businesses.

1 USD = 0.643 euros