Catastrophe modeling firm AIR Worldwide estimates that P&C industry insured losses from the 8.3-magnitude earthquake that struck Chile's central coast near Illapel on September 16 will be between $600-$900 million.
AIR's insured loss estimates include insured physical damage to onshore property (residential, commercial/industrial) and direct business interruption losses.
"The September 16 earthquake was the result of convergence between the Nazca and South American tectonic plates," said Dr. Mehrdad Mahdyiar, vice president and senior director of earthquake hazard research at AIR Worldwide.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
