The Nepal earthquake may generate more than $US10 billion ($12.79 billion) in economic losses, according to the US Geological Survey.

However, only a fraction of the cost will be borne by insurers, because coverage in the country is very low.

Rescuers were still working to save lives yesterday as a 101-year-old man was pulled from the rubble of his home seven days after the 7.8-magnitude quake that has killed more than 7000.

The US Geological Survey says the economic cost of the April 25 quake and aftershocks could even “exceed the GDP of Nepal”, which was about $US19.29 billion ($24.68 billion) in 2013.

Nepalese officials last week announced the creation of a National Reconstruction Fund to rebuild infrastructure. Runway damage yesterday forced authorities to close the main airport to large aircraft delivering aid.

The true extent of the damage is unknown, as reports filter in from remote areas.

The United Nations says the quake affected 8.1 million people – more than a quarter of the 28 million population.

Nepal’s insurers collected $US277 million ($354.45 million) of premiums in 2013, with $US175 million ($223.96 million) to life insurers and the rest general coverage, according to researcher Axco Insurance Information Services.

The US Insurance Information Institute says less than $US3.50 ($4.47) is spent per capita annually on general insurance.

“By contrast, Americans spend nearly $US2300 ($2943) per person,” Chief Actuary James Lynch says.

Munich Re geophysicist and quake expert Alexander Allmann says the disaster “shows the need to strengthen infrastructure resilience long-term, especially in high-risk regions where government action and international support is urgent”.