Insurance losses are expected to be minimal after a 7.4-magnitude earthquake and its aftershocks hit Guerro, Mexico yesterday, causing buildings as far away as Mexico City to sway, according to catastrophe modeling firm AIR Worldwide.

“I’d be surprised if insured losses surpassed $100 million dollars because the earthquake occurred in a remote area without significant population,” said Robert Hartwig, president and economist with the Insurance Information Institute in New York. “This is the first major quake of the year [in Mexico]. It did not occur offshore so there’s no risk of a tsunami. There was no material impact on industry in Mexico or on American insurers or reinsurers operating in Mexico. It’s all about location, location, location. If it had happened in Mexico City, it would be different."

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