Catastrophe modeler RMS does not think insured losses from a recent earthquake in California will exceed $250 million.
The 6.0-magnitude South Napa Earthquake on August 24 significantly shook the ground but not enough to cause damage to structures designed to current building code.
Modeler AIR Worldwide said the most damage observed by its survey team was to older unreinforced masonry buildings. The Boston-based firm said most of the damage and losses will be driven by commercial properties and contents.
Newark, Calif.-based RMS said its loss estimate reflects damage as well as limited earthquake insurance penetration in the region.
Read the full story on AdvisenLTD: Napa earthquake to cause less than $250M in insured losses: RMS
Chad Hemenway is Managing Editor of Advisen News. He has more than 15 years of journalist experience at a variety of online, daily, and weekly publications. He has covered P&C insurance news since 2007, and he has experience writing about all P&C lines as well as regulation and litigation. Chad won a Jesse H. Neal Award for Best Single Article in 2014 for his coverage of the insurance implications of traumatic brain injuries and Best News Coverage in 2013 for coverage of Superstorm Sandy. Contact Chad at 212.897.4824 or [email protected].
