NU Online News Service, Aug. 31, 3:21 p.m. EDT
The chances of another earthquake in Chile like the one that occurred in February are slim, according to risk modeler AIR Worldwide.
The magnitude 8.8 earthquake in Concepcion on Feb. 27 caused between $5.5 billion and $8.6 billion in insured losses. But a new paper released by AIR states that the quake used up all the seismic energy–175 years worth–in the region so the risk of another earthquake in the near future on the same fault segment is very low.
However, AIR added that because about 70 percent of Chile’s insured property value is in or near the capital, Santiago, earthquake risk remains since it would not necessarily take a large quake to result in losses.
Santiago was spared from the earthquake in Concepcion, the country’s second-largest city.