AIR Worldwide marks 200th anniversary of New Madrid Earthquake with special report

It has been 200 years since the New Madrid Earthquake, a major seismic event that rattled the Central U.S. in the winter of 1811. The quake, which was estimated as being a 7.0, struck what is, today, Missouri. To mark the occasion, AIR Worldwide, a catastrophe modeling firm serving the insurance industry, has released a new report titled “The New Madrid Earthquake Bicentennial: Revisiting A Midwest Mystery.” The report details how much the catastrophe modeling community has changes in the centuries following the disaster and estimates the financial impacts of…

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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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CEA campaign to bring awareness to California residents who don’t have earthquake insurance

An insurance agent marketing program was launched by the California Earthquake Authority with a goal of selling 15,000 policies by August 1 of this year. The Marketing Value Program or MVP is set to improve the relationships between the insuring agents and the CEA such that residents from California will participate in the said program. Since 2008, the earthquake that happened in Christchurch, New Zealand is considered as the most expensive global insurance wherein estimated losses that are insured range from $3 to $12 billion. The same earthquake magnitude is…

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