Filed Under:Markets, E&S/Specialty

Chile Earthquake Less Than $100M Insured Loss; Japan Rattled

NU Online News Service, March 27, 2:18 p.m. EDT

The magnitude 7.1 earthquake that rocked Chile on Sunday is not expected to be a significant insurance loss, while Japan once again experienced a significant quake today that fortunately caused no damage.

Catastrophe modeler Eqecat issued a statement saying Sunday’s earthquake in Chile is expected to produce less than $100 million in insured losses.

The earthquake struck about 124 miles south of Santiago, Chile, at a “moderate depth” of about 22 miles. The earthquake was felt throughout central Chile, Eqecat notes, including regions affected by 2010's magnitude 8.8 earthquake.

Tao Lai, principal engineer at AIR Worldwide, says the earthquake, due to its location, can be considered another aftershock of the 2010 earthquake.

Catastrophe modeler RMS says that the level of shaking can be expected to cause “moderate damage” to “moderate/heavy damage” depending on the quality of construction.

The Associated Press (AP) reports that while buildings swayed and there was some panic in the capital of Santiago, there were no deaths or major damage reported.

In Japan, the U.S. Geological Survey says a magnitude 6.0 earthquake struck near the east coast of Honshu, Japan, about 316 miles north-northeast of Tokyo at 8 p.m. local time (7 a.m. EDT).

There was no damage or risk of tsunami reported, according to AP.

Closer to home, AP reports that Baltimore Catholic archdiocese officials say earthquake damage from last year to the 200-year-old Basilica of the Assumption in Baltimore could cost $5 million to repair.

AP says the Baltimore Sun reports that the cracks in one of the domes in the oldest cathedral in the country appeared soon after last August’s earthquake that rocked the Mid-Atlantic states.

The Basilica will be closed during the week for eight months, limiting access for tourists, but it will not affect other activity.

AP also notes that repairs to the Washington National Cathedral are expected to run around $20 million.

Featured Video

Most Recent Videos

Video Library ››

Top Story

20 best car insurance companies of 2016 ranked by consumers

What are the best auto insurance companies? Insure.com’s customers rank 20 of the biggest insurers.

Top Story

7 things insurance agents need to know about P2P insurance

Insurance agents and brokers face competition from a variety of sources, including P2P start-ups. Here are seven things you need to know about them.

More Resources

Comments

eNewsletter Sign Up

Specialty Markets Insight eNewsletter

Receive updates and analyses on hard to place and challenging coverages. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.