Jump to content

Eqecat: Chile - $15-30B in damage


omagh
 Share

Recommended Posts

http://online.wsj.com/article/BT-CO-20100301-717756.html?mod=WSJ_World_MIDDLEHeadlinesEurope

 

"Catastrophe risk modeling firm, Eqecat Inc., estimated that insured losses from the 8.8 magnitude earthquake that hit Chile Saturday could range from $3 billion to $8 billion, or 25% of the total economic losses. The company said the loss represents 15-40% of the estimated insured limits for earthquake coverage. The firm noted that the estimate range is so wide because it was not formed by on-the-ground data and the extent of Chile's infrastructure damage is still unclear."

 

"Sometimes losses can lead insurers to increase prices for insurance. But "We do not foresee this as a potential pricing catalyst for the [reinsurance] industry," wrote Macquarie analyst Bill Yankus in a research note."

 

"About 90% of homeowners in Chile have property policies that cover earthquakes, Hartwig said, citing information from Axco, an independent supplier of global insurance market information. By contrast, roughly 12% of homeowners in California, a U.S. state vulnerable to earthquakes, have such coverage."

 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...