This year has been host to a large number of natural disasters that have born a heavy price tag to the insurance industry. While natural disasters may not be happening more frequently, they are certainly happening in areas of dense population, making the damage they cause astronomical. Consumers often look to the insurance industry to provide protections against natural disasters, but the industry can only do so much. A new report from the University of Pennsylvania’s Wharton School suggests that government policy, as well as consumer initiative, may significantly reduce…
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Study shows large earthquake in Southern California would severely damage the economy
The results of a recent study performed by the U.S. Bureau of Labor Statistics (BLS) showed that a large earthquake in Southern California would cause significant harm to the buildings and the economy in the region. It said that if the area experienced a quake with a 7.8 magnitude along the San Andreas Fault’s southern portion, there would be millions of employees of hundreds of thousands of businesses in Riverside, San Bernardino, Imperial, Ventura, Kern, and Los Angeles counties who would be affected. Not included in this research was San…
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