Chicago and London — In light of current economic conditions, a major catastrophe such as an earthquake in California would bring new misery to both U.S. and international financiers, according to an analysis released by Impact Forecasting LLC, a division of Aon Benfield, a reinsurance intermediary and capital adviser.
The “Annual Global Climate and Catastrophe Report: 2008” highlights that the lack of mandatory earthquake insurance in the state of California would result in high levels of mortgage defaults should an earthquake occur.
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