INSURANCE
Final Northridge Quake Toll Put at $12.5 Billion: The insurance trade group that provides official estimates of catastrophe losses confirmed its “final†estimate of insured property damage from the 1994 Northridge earthquake is $12.5 billion. Rahway, N.J.-based Property Claim Services, a unit of the American Insurance Services Group Inc., said it expected a total of 430,000 claims from the nation’s most costly earthquake. It has been tricky arriving at a final estimate because so much concealed damage has been discovered since the group issued its original estimate of $2.5 billion in February, 1994. As a result, the estimate was revised upward numerous times before stabilizing in July.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
