This story would be a lot more meaningful if it also included an estimate of the value of all damage, not just insured damage — particularly considering that many homeowners and smaller businesses don’t carry quake coverage. What kind of jolt to the economy might there be, apart from what insurance would cover?
BWM, I agree. What would the total damage be? How about the dam, lock and levee system on the Mississippi? And the loss of navigation on the river for how long?????? And the Nat Gas pipeline damage? Etc.
In addition to the uninsured losses of everyday citizens and businesses?
Before I retired I monitored the NM PML for my carrier and the $110B seems VERY light compared to the actual monetary damages expected form a 7.0 or larger quake, especially if it is near Memphis. If the epicenter is near Memphis, it will be a smoking ruin.
Forget the $110 billion in property damage. Most of the structures are not built to any earthquake standard, bodily injuries and death will exceed the property damage. In San Francisco in 1907 there did not exist Worker Compensation today it exists, what would the SF quake cost today? It maybe a $ 250 billion quake.
Oh well – Merry Christmas.
This story would be a lot more meaningful if it also included an estimate of the value of all damage, not just insured damage — particularly considering that many homeowners and smaller businesses don’t carry quake coverage. What kind of jolt to the economy might there be, apart from what insurance would cover?
BWM, I agree. What would the total damage be? How about the dam, lock and levee system on the Mississippi? And the loss of navigation on the river for how long?????? And the Nat Gas pipeline damage? Etc.
In addition to the uninsured losses of everyday citizens and businesses?
Before I retired I monitored the NM PML for my carrier and the $110B seems VERY light compared to the actual monetary damages expected form a 7.0 or larger quake, especially if it is near Memphis. If the epicenter is near Memphis, it will be a smoking ruin.
Forget the $110 billion in property damage. Most of the structures are not built to any earthquake standard, bodily injuries and death will exceed the property damage. In San Francisco in 1907 there did not exist Worker Compensation today it exists, what would the SF quake cost today? It maybe a $ 250 billion quake.
Oh well – Merry Christmas.