6.7 quake causes severe property damage in Nepal
Nepal, a relatively small country bordering India and Tibet, has been struck by a major earthquake that is expected to produce a large number of claims for the property insurance industry. Over the past weekend, the country suffered from a strong earthquake, which caused significant damage to property near its epicenter. The earthquake was recorded as a magnitude 6.7, with its epicenter being approximately 10 miles south of Kodari, the border crossing from Nepal into the Tibet Autonomous Region.
Insurance industry works to assess the damage done by the disaster
Insurers have placed surveyors in the region in order to assess property damage. Those with claims can work with adjusters to ensure that claims are processed quickly and efficiently. Homeowners are not the only victims of the quake, many of whom are now living in impromptu tent cities that serve as temporary shelters. Insurance offices have also been struck by the quake, which is making the processing of claims more difficult for the insurance industry.
$14 million in property damage estimated by the insurance industry
The earthquake is estimated to have caused property damage in the range of $14 million, but insurers are still working to understand the full impact of the disaster. India’s insurance industry is expected to have some exposure to the quake, as several insurers in the country also do business in Nepal. It will take some time to determine the financial impact of the quake in its entirety, which could be a problem for those that have lost their homes to the disaster.
Insurers may take steps to recover from losses in the future
The insurance industry is, of course, no stranger to disasters. Many insurers are well positioned to handle the impact of an earthquake and other such events, but catastrophes that cause a massive amount of damage can have an incredible impact on the insurance industry as a whole. With severe damage caused to property, insurers may have to find a way to recover from the losses they experienced at some point in the near future.