As the damages from yesterday’s magnitude 5.8 earthquake are tallied, the insurance industry seems to have gotten off rather lightly. The extent of losses from this year's hurricane season, however, remain to be seen.
Catastrophe Risk Modelers EQECAT expects losses to be less than $100 Million for the quake, whose epicenter was 38 miles northwest of Richmond, Va. “A M5.8 earthquake in the central and eastern U.S. does not produce an expectation of widespread catastrophic damages,” the firm noted in a release. “Most modern structures are expected to withstand the modest ground motions produced by this event. Older structures, especially older masonry structures, can have details and components that demonstrate a vulnerability to damage from this type of event; however, this type of damage is expected to be found scattered in isolated pockets of the area.”
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