Insurers with property coverage in states that border the Pacific Ocean remained alert today after a tsunami warning was issued and then canceled for the Indonesian region after two earthquakes with magnitudes of 8.7 and 8.2 struck the Indian Ocean, centered approximately 270 miles southwest of Banda Aceh, the capital of Indonesia’s Aceh province.
The 2004, 9.3-magnitude quake, which hit the same region as today’s, triggered a devastating tsunami. In all, that catastrophe resulted in roughly 220,000 deaths and $10 billion in economic damages. Insured losses were about $1 billion, according to the Insurance Information Institute (I.I.I.).
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