On Jan. 17, exactly seven years ago to the day, America experienced its most costly insurance disaster as the Northridge earthquake rumbled through California, killing 60 people and destroying or damaging thousands of homes, businesses and apartment complexes. According to the Personal Insurance Federation of California (PIFC), the number of Northridge claims filed over the past seven years has topped more than 600,000, while claims payments have reached $15.3 billion. The insured losses from the 6.7 Northridge quake are close to four times the $3.95 billion in quake premiums collected by all California earthquake insurers from 1969 through 1994. According to Dan Dunmoyer, president of PIFC, members of the organization have processed more than 208,000 claims and less than one-half percent remain open.
Topics California
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