Could It Happen Here?
As the casualty count continues to grow from last months deadly tsunamis, experts said the U.S. West Coast is vulnerable to such a catastrophe and the insurance exposure runs into the trillions.
“The coast of California, Oregon, Washington, and also Alaska and Hawaiithey are all vulnerable to tsunamis,” according to Carolyn Bell, a representative for the Reston, Va.-based U.S. Geological Survey. “Scientifically there is a possibility [an earthquake in the Pacific could create giant tidal waves reaching the U.S. West Coast]. Its probably fair to say there may be around a 5 percent chance in the next 30 or 40 years.”
Such an event could cause “trillions of dollars” in property damage in a worst-case scenario, according to the Insurance Information Network of California in Los Angeles.
“It would have to be in the trillions of dollars because you have to look at all the potential policies you could be factoring inearthquake insurance, flood insurance, homeowners, commercial, auto, medical, lifethe closing and interruption of business, workers compensation, and some of the priciest real estate in the world,” said the groups representative, Candy Miller.
Reproduced from National Underwriter Edition, December 30, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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