Economic losses from the rare “doublet” earthquake that struck Venezuela last Wednesday are expected to pass $US10 billion ($14.52 billion), but Gallagher Re says the nation has “very low” insurance penetration.

A 7.2-magnitude quake was followed 39 seconds later by a 7.5-magnitude one near densely populated regions of north-central Venezuela, and a national state of emergency was declared.

The tremors led to building collapses, blocked roads, power outages, transport disruption and damage to the international airport. Tens of thousands are thought to have died.

“The impact on the insurance industry remains uncertain at this time, though while it may be a significant event for the regional sector, this is not expected to have a major impact on the global market,” broker Gallagher Re says.

“Venezuela has extremely low insurance penetration for residential assets. Most of the insurance take-up in the country is linked to commercial assets, especially around Caracas, and this is where most claims will be expected to originate.

“A substantial portion of the damage will be uninsured.”

It is estimated more than 11.3 million people were subject to strong shaking close to Venezuela's largest city, Caracas, and third-largest, Valencia.

It was a national holiday and many were believed to be at home when the quakes struck. The states of La Guaira, Caracas, Miranda, Aragua, Carabobo, Falcon and Trujillo were among the hardest hit.

Hundreds of homes collapsed and Simon Bolivar International Airport suffered extensive damage. Port facilities and critical infrastructure also incurred damage.