This week marked the one-year anniversary of the Haitiearthquake, while the first anniversary of the Chilean earthquakeis coming up next month (Feb. 27, 2011).

Remembering these two catastrophes highlights the fact that inthe insurance world, the same perils can have very differentoutcomes.

The 7.0-magnitude Haiti earthquake resulted in 220,000fatalities, and was the deadliest event in 2010. It was also thedeadliest natural disaster since 1983, according to Munich Re.

Yet, despite the high level of fatalities, in terms of insuredlosses, the impact of the Haiti quake was minimal. This is because Haiti'sprivate insurance market is very small, though its government didprovide a level of insurance coverage to its citizens by being amember of the Caribbean Catastrophe Risk Insurance Facility(CCRIF).

In contrast, the 8.8-magnitude earthquake and tsunami in Chileresulted in only 520 fatalities, but was the costliest disaster in 2010 with insured losses totaling $8billion and economic losses of $30 billion. It was also the secondcostliest earthquake for the insurance industry since 1950,according to Munich Re.

It's important to mention that the relatively low death toll inthe Chile quake was due in part to the enforcement of strictbuilding codes in a country that has a long history ofearthquakes.

At the Property/Casualty Joint Industry Forum held in New York Citythis week, one topic of discussion was the role of insurance inmanaging and reducing future losses from catastrophe events,including earthquakes.

Several panelists highlighted earthquake risk as an area ofconcern and a potential growth opportunity for insurers.

In the U.S., California remains the state most at risk of a majorearthquake. Yet only about 12 percent of Californians nowpurchase earthquake coverage, compared to about 30 percent in 1994when the Northridge earthquake struck.

InsuranceInformation Institute (I.I.I.) facts and stats show theNorthridge earthquake, which struck Southern California on Jan. 17,1994, was the most costly quake in U.S. history, causing anestimated $15.3 billion in insured damages when it occurred ($22.2billion in 2009 dollars).

California is not the only part of the U.S. at risk of a majorearthquake. This December marks the 200th anniversary of one of thelargest earthquakes in U.S. history along the New Madrid fault inMissouri, where a series of quakes in 1811 and 1812 included atleast three of 7-8 magnitudes.

Earthquakes that occur in and around the New Madrid fault zonepotentially threaten parts of seven U.S. states: Illinois, Indiana,Missouri, Arkansas, Kentucky, Tennessee, and Mississippi, accordingto the U.S. Geological Survey (USGS).

Persuading people to buy earthquake insurance remains a key challenge for insurers.A recent report from cat modeling firm EQECAT noted that financialpreparation for earthquakes is surprisingly modest in much of thedeveloped world.

EQECAT pointed out that, like California, take-up of earthquakeinsurance in Japan is low, at estimated rates of 10 percent.

It suggested that minimizing physical and economic ruin fromfuture earthquakes will require continued investment in publicinfrastructure as well as creative ways to improve insurancepenetration and provide credible financial backstops.