20 Years After Loma Prieta, How Prepared Are We?
http://www.iinc.org/articles/330/1/20-Years-After-Loma-Prieta-How-Prepared-Are-We/Page1.html
Published on 10/15/2009
It has been 20 years since the catastrophic 6.9 magnitude Loma Prieta earthquake. If a similar earthquake happened today, the financial impact could further devastate an already weakened California economy.
According to a study by Risk Management Solutions, a 6.7 magnitude earthquake on the Hayward fault could result in $112-to-$122 billion in economic losses, of which only $11-to-$13 billion would be insured.
On the Eve of the Great California ShakeOut, 88 Percent of Californians Opt to Ride Out the Next Quake Without Insurance
Related Articles
Are You Financially Prepared for an Earthquake?
EQ/IQ Quiz
Saturday marks 20 years since the catastrophic 6.9 magnitude Loma Prieta earthquake. If a similar earthquake happened today, the financial impact could further devastate an already weakened California economy.
According to a study by Risk Management Solutions, a 6.7 magnitude earthquake on the Hayward fault could result in $112-to-$122 billion in economic losses, of which only $11-to-$13 billion would be insured. Additionally, a magnitude 7.0 temblor ripping the length of the Hayward fault would result in $210-to-$235 billion in economic losses, only one-seventh of which could be covered by insurance.
“Tomorrow, millions across the state will ‘drop, cover and hold-on’ during the Great California ShakeOut,” said Candysse Miller, executive director of the Insurance Information Network of California. “But we can’t forget how to ‘prepare, survive and recover’ financially from an earthquake as well.”
According to the California Department of Insurance, statewide less than 12.6 percent of residents and less than 9.7 percent of businesses have earthquake insurance.
The 1989 Loma Prieta quake caused $11.7 billion in insured losses, killed 63 people and injured 3,757 others.
IINC is non-profit and non-lobbying trade association dedicated to helping the public understand insurance and manage risk. For more information, please visit the IINC Web site. You can also follow IINC on Twitter at http://www.twitter.com/iinc and on Facebook at http://companies.to/iinc
ADDITIONAL RESOURCES:
Risk Management Solutions
California Department of Insurance
It has been 20 years since the catastrophic 6.9 magnitude Loma Prieta earthquake. If a similar earthquake happened today, the financial impact could further devastate an already weakened California economy. According to a study by Risk Management Solutions, a 6.7 magnitude earthquake on the Hayward fault could result in $112-to-$122 billion in economic losses, of which only $11-to-$13 billion would be insured.
20 Years After Loma Prieta, How Prepared Are We?
On the Eve of the Great California ShakeOut, 88 Percent of Californians Opt to Ride Out the Next Quake Without InsuranceRelated Articles
Are You Financially Prepared for an Earthquake?
EQ/IQ Quiz
Saturday marks 20 years since the catastrophic 6.9 magnitude Loma Prieta earthquake. If a similar earthquake happened today, the financial impact could further devastate an already weakened California economy.
According to a study by Risk Management Solutions, a 6.7 magnitude earthquake on the Hayward fault could result in $112-to-$122 billion in economic losses, of which only $11-to-$13 billion would be insured. Additionally, a magnitude 7.0 temblor ripping the length of the Hayward fault would result in $210-to-$235 billion in economic losses, only one-seventh of which could be covered by insurance.
“Tomorrow, millions across the state will ‘drop, cover and hold-on’ during the Great California ShakeOut,” said Candysse Miller, executive director of the Insurance Information Network of California. “But we can’t forget how to ‘prepare, survive and recover’ financially from an earthquake as well.”
According to the California Department of Insurance, statewide less than 12.6 percent of residents and less than 9.7 percent of businesses have earthquake insurance.
The 1989 Loma Prieta quake caused $11.7 billion in insured losses, killed 63 people and injured 3,757 others.
IINC is non-profit and non-lobbying trade association dedicated to helping the public understand insurance and manage risk. For more information, please visit the IINC Web site. You can also follow IINC on Twitter at http://www.twitter.com/iinc and on Facebook at http://companies.to/iinc
ADDITIONAL RESOURCES:
Risk Management Solutions
California Department of Insurance