Search
 

Unsteady market for earthquake cover puts half-million Missourians at risk

Property owners in Missouri face a shrinking earthquake insurance market, increasing their risk.

By Steven A. Meyerowitz, Esq., Director, FC&S Legal | Updated on June 21, 2016
The most active seismic area east of the Rocky Mountains, the New Madrid fault, is located in southeastern Missouri, northeastern Arkansas, western Tennessee, western Kentucky and southern Illinois. (Photo: iStock)

More than a half-million Missourians are at risk because of the contracting earthquake insurance market, Missouri Department of Insurance Director John M. Huff said at a recent insurance symposium in Kansas City.

Huff discussed the near-record level of excess capital in the global reinsurance market and the reinsurance industry’s stated desire for writing more catastrophe risk. He contrasted that to the contracting earthquake insurance market in Missouri. Although the reinsurance market is willing to take additional risk, direct writing insurance companies continue to withdraw or restrict their earthquake insurance business, according to Huff.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.