Chile Quake Insured Loss May Exceed $2B: Modeler

"Chile Quake Insured Loss May Exceed $2B: Modeler"
Business Insurance (03/01/10) Bradford, Michael

AIR Worldwide Corp. reported on March 1 that the 8.8-magnitude earthquake in Chile killed more than 700 people and caused more than $2 billion in insured losses. Residential and commercial properties, with an insured value of $275 billion, were the most heavily impacted by the quake, though AIR says that damages and deaths could have been worse without the nation's strict building codes. However, only 10 percent of residential policyholders carried earthquake insurance, compared to 60 percent of commercial policyholders. AIR Worldwide Director of Earthquake Hazard Mehrdad Mahdyiar says, "There is high earthquake awareness in the country. As a result, Chile has more stringent building codes than its neighbors, superior construction quality, and possibly the most highly engineered building inventory in Latin America. This will undoubtedly help mitigate the damage."
(Web Link)

Notice about Links: Some publication websites may require user registration before access is granted to articles related to hyperlinks on this page. If an article is unavailable online, a link is provided to that publication's homepage. Links to original articles are subject to change by article publisher.

© Copyright 2009 INFORMATION, INC.  http://www.infoinc.com/copyright.html