![]() Insurance as a model for the campaign earthquake insurers should launch. Hartwig pointed to the educational campaign for subsidized flood Having a state-run earthquake authority would not Reason 88% of holders of Washington homeowners policies don't haveĮarthquake coverage is that they think "it can't happen to What is needed is an educational campaign to alert business ownersĪnd homeowners to the benefits of quake coverage, Hartwig said. Of coverage, "it's better to keep the market in the hands of Therefore, until there is a prolonged shortage State act as agents and must offer earthquake insurance to homeownersĮarthquake coverage in Washington historically has always beenĪvailable, Hartwig said. ![]() Governed by a three-member voting board of elected officials, but it isįunded completely by premiums it collects. As a result, theĬalifornia Legislature created the nonprofit authority to provideĪffordable, basic earthquake insurance to residents. Stopped writing earthquake insurance in the state. The CEA was established following the 1994 Northridge Earthquake that caused severe damage in California, and many insurers subsequently Severe as damage from the one that hit Northridge, Calif., he said. Damage from the Washington quake was not as State Farm is second, with a 16.97% followed by Farmers InsuranceĬompany of Washington, 13.37% Allstate Insurance Group, 11.76% andĪlthough there will be some financial burden, the event does notĬall for the establishment of a quasi state-run entity similar to theĬalifornia Earthquake Authority, said Robert Hartwig, vice president andĮconomist for the institute. Peril, with a 17.19% market share, according to A.M. In Washington, Safeco is the top writer of homeowners multiple Automobiles damaged in the quake are covered under theĬomprehensive portion of an auto insurance policy, the institute added. Policies, which usually carry a 10% to 25% deductible, the institute Homeowners and renters policies do not cover damage from an earthquake.Ībout 12% of homeowners in Washington have supplemental earthquake Policyholders who carry supplemental earthquake coverage. Property/casualty insurers will be responsible only for Insured loss of between $60 million and $61 million as a result of the The reinsurer estimated that it would incur an Initial estimates for total insured losses to the industry between $500 Damage to buildings was one factor that led Swiss Re to put Yakut, structural engineer for Applied Insurance Research, said in a Masonry buildings and to isolated areas of ground failure," Ahmet Structural damage will be contained to "older, unreinforced Geological Survey TheĮarthquake had a preliminary magnitude of 6.8 and was felt as far south ![]() (30.45 miles) deep, according to the U.S. Kilometers (9.32 miles) northeast of Olympia and about 49 kilometers Most of the claims resulting from the largest earthquake to hit theĪrea since 1949 will derive from cracked walls, foundations andĬontents damaged roofs and damaged automobiles, mostly in the Olympia, Losses immediately after an earthquake, because a lot of the damage isĭiscovered after closer inspection, the Insurance Information Institute Variance in loss estimates is a result of the difficulty assessing Boston-basedĪpplied Insurance Research's estimates were slightly higher. Oakland, Calif.-based Eqecat has estimated the damage in thisĬatastrophe to be between $500 million and $800 million. Using computer-modeling techniques to estimate insured losses, The Insurance Information Institute estimates. To cost property/casualty insurers between $500 million and $1 billion, ![]() The earthquake that rocked Seattle and surrounding areas is likely The price tagĬould reach $1 billion when the dust finally settles. Property/casualty insurers are still counting their losses from anĮarthquake that shook the Pacific Northwest on Feb.
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