"This was a relatively small event occurring in a remote area of the Los Angeles basin," EQECAT said. "Larger-magnitude earthquakes will affect a much larger area with longer duration and more severe ground motions. EQECAT expects limited incidents and pockets of damage sufficient to exceed deductibles and retentions.”
At the same time on Wednesday, Boston-based AIR Worldwide Corp. said Wednesday that the quake should not result in significant insured losses, in large part because of California’s building codes.
"Building codes in California are among the strictest in the world," Mehrdad Mahdyiar, AIR's director- earthquake hazard, said in an analysis of the earthquake's likely impact.
AIR expects minimal to no damage to engineered structures and residential wood frame from Tuesday’s event," said Mr. Mahdyiar. "Older masonry buildings that have not undergone retrofit may sustain some minor shear cracks and damaged parapets."
The U.S. Geological Survey said the magnitude 5.4 earthquake was followed by nearly 50 aftershocks and was felt as far away as Las Vegas.