Increasing property values in high risk areas have given rise to potential insured losses of over $150 billion in the wake of a major earthquake or hurricane, according to AIR Worldwide President and Chief Executive Officer Karen Clark.
Speaking to members of Congress and staffers today at a seminar hosted by the congressional Research Service in the Capitol, Ms. Clark said there is no single worst-case scenario that would result in such extreme losses.
"There are many potential natural catastrophe scenarios resulting in insured property losses exceeding $100 billion," she said. "Examples include a Category 5 hurricane making landfall in Miami, which could result in insured losses of more than $130 billion, and a large magnitude earthquake in the central U.S., which could result in insured losses of more than $150 billion."
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