New Zealand Earthquake May Be Fifth-Costliest for Insurers

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The quakes are moving from remote areas to the inhabited areas.

September 15, 2010
(Bloomberg) -- The earthquake that hit New Zealand, may be the fifth-most costly for insurers, according to estimates from Risk Management Solutions.

The Sept. 4 quake may cost insurers NZ$2.1 billion ($1.5 billion) to NZ$3.5 billion, RMS said yesterday in a statement.

The 7.1-magnitude earthquake cut power and damaged more than 100,000 homes and severed water and sewage lines in and around Christchurch, New Zealand’s second-largest city. It may be among eight temblors to cost more than $1 billion, led by the $22 billion Northridge, California, earthquake in 1994, based on inflation-adjusted data provided by the Insurance Information Institute and reinsurer Munich Re….”

See:
http://www.businessweek.com/news/2010-09-15/new-zealand-earthquake-may-be-fifth-costliest-for-insurers.html


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