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.
"Less than one in five homes in Missouri's New Madrid area had earthquake coverage in 2015," Huff said. "This means more than a half million Missourians are at risk of catastrophic financial loss following an earthquake. Without the insurance industry fueling recovery and rebuilding efforts, Missouri could also suffer an economic catastrophe."
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