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06 March
2010 Earthquake And
Winter Storms Cost Insurers Billions Aon Benfield, a
reinsurance intermediary, has released the latest
edition of its Monthly Cat Recap report, which
provides an analysis of worldwide catastrophic
events in February. Published by the
company's Impact Forecasting team, who evaluate
global perils for the re/insurance industry, the
report highlights that the month witnessed one of
the most extreme natural perils by magnitude in
history. The magnitude-8.8
earthquake which occurred in central Chile on
February 27 was the seventh strongest on record,
killing at least 795 people. The disaster follows
the Haiti earthquake on January 12, which to date
has claimed more than 200,000 lives. The Chilean
earthquake affected more than 1.5 million homes,
buildings and other structures. Insurance
penetration in Chile is far greater than in Haiti,
and insured losses are expected to be low single
digit billions of dollars (USD), while economic
losses are forecast to reach tens of billions of
dollars. Steve Jakubowski,
President of Impact Forecasting, said: "As with
Haiti, the relief effort for the Chilean earthquake
has been swift and ongoing. This event was
unprecedented in its magnitude – it is the
largest earthquake Chile has ever witnessed, and is
one of the most destructive on record. It lasted
for nearly 90 seconds, and more than 100
aftershocks were experienced in the following days.
Many of these aftershocks had a magnitude that
exceeded even the Haiti earthquake." In the US, severe
winter storms swept the country, the first between
February 5 and 7, which affected infrastructure in
several regions, including Washington D.C.,
Baltimore, Philadelphia, and parts of southern New
Jersey, and resulted in widespread electricity
blackouts and disruption to schools, airports,
roads and railways. More than 35,000
insurance
claims
had been filed as at the end of February, totaling
$125 million. Insurance
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