Posts Tagged ‘earthquake insurance’

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Earthquake Rattles Oklahoma

October 14th, 2010 by Iris | Comments Off | Filed in earthquake insurance, homeowners insurance

You probably wouldn’t think to buy earthquake insurance if you lived in Oklahoma, but perhaps wherever you are, you should think again.

According to local NPR station KGOU a quake at 9:06 CDT on Wednesday morning was one of the strongest earthquakes ever recorded in Oklahoma, left two people with injuries (minor ones), and was felt in parts of five other states, including Texas.

The United States Geological Survey rated the temblor at a magnitude of 4.3 and said the epicenter was about six miles northeast of Norman, OK.

Oklahoma has only recorded three stronger earthquakes since becoming a state one hundred and three years ago. The sharpest ever was a 5.0 shaker that struck El Reno, a town just west of Oklahoma City, in 1952.

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University of Nevada, Reno to Expand Earthquake Research Center

October 5th, 2010 by Iris | Comments Off | Filed in earthquake insurance, homeowners insurance, insurance news

If insurance against earthquakes is a concern of yours, you’ll be interested to know about a new $12.2 million federal grant that was given to the University of Nevada, Reno, in order to make their earthquake research center the largest quake simulation facility in the nation, more than doubling its size. The new Shake Table Laboratory, which will comprise some 23,000 square feet, will allow researchers to conduct seismic tests on models of bridges and buildings that are much larger than any that have been tested before.

For the last twenty-five years, earthquake research has been conducted at the lab using four shake tables, which simulate the effect of seismic waves moving through layers of soil beneath building foundations, in order to gauge how different structures respond to that sort of stress. The expansion will allow the housing of five 50-ton-capacity shake tables.

Ian Buckle, the director of the Large-Scale Structures Lab at the test facility, explained, “This will be a quantum jump in the range and complexity of experiments that can be undertaken in both new and existing laboratories, with advances in state-of-the-art earthquake engineering that are not currently possible.” He added, “Safer buildings, bridges and more resilient communities will be the end result.”

Buckle also said that the total combined area of the new and existing facilities at the university’s Center for Civil Engineering Earthquake Research will be greater than 30,000 square feet. Construction is expected to begin this month, with a projection completion date of Fall, 2013, and a cost of $18 million.

The $12.2 million grant is part of $50 million in grants that the Commerce Department’s National Institute of Standards and Technology awarded this week to build new scientific research facilities across the country.

According to U.S. Commerce Secretary Gary Lock, “Strengthening research and development in the United States is critical to our ability to create jobs and remain competitive. These construction grants will help the U.S. produce world-leading research in science and technology that will advance our economic growth and international competitiveness.”

Source: The Insurance Journal

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Friday Filmstrips: Earthquake Insurance

September 10th, 2010 by Iris | Comments Off | Filed in earthquake insurance, friday filmstrips

Unlike hurricanes, earthquakes come with little – usually no – warning (notions about “earthquake weather” aside) which is why it’s important to consider purchasing earthquake insurance – especially if you live in an area known for fault activity. In today’s Friday Filmstrip, we share a KRON story on earthquake insurance from 2007 – but still relevant.

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Friday Filmstrips: Earthquake Insurance

August 6th, 2010 by Iris | Comments Off | Filed in earthquake insurance, friday filmstrips

If you live in California, earthquakes are inevitable, but did you know only about 10% of homeowners have earthquake insurance? For this week’s Friday Filmstrip, we share a video from You Tube and the Insurance Journal:

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Tornado and Earthquake Hit Ontario on Eve of G8 and G20

June 24th, 2010 by Iris | Comments Off | Filed in earthquake insurance, insurance news

Reuters is reporting on the odd weather events that are plaguing Ontario, Canada this week.

As International leaders gather for the Group of Eight and G20 summits in the province, the region has been subject to a tornado and a 5.0 magnitude earthquake. In addition, violent thunderstorms are being predicted.

In the past 24 hours alone, southern Ontario has been hit by a 5.0 magnitude earthquake and a tornado. Violent thunderstorms are predicted for later Thursday.

David Phillips, meteorologist for Environment Canada, said, “You can’t go four days in a row without having some moisture … what they’re seeing is the full suite of weather possibilities at this time of year, beginning with a tornado.”

A Reuters reporter joked that a plague of frogs might be next, to which Mr. Phillips responded, “It’s unlikely because there doesn’t seem to be any weather in the area, like dust devils or waterspouts picking up frogs from wetlands and carrying them over there.”

The weather in Huntsville, the resort town hosting the G8 on Friday and Saturday, has been given a weather prediction that includes pleasant days and temperatures around 73 degrees (Fahrenheit, or 23 Celsius).

Phillips offered another reason for summit participants to be optimistic, “There’s no volcanic activity in that area so I think they’re safe from that point of view,” he said.

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Earthquake Activity Not Just in California

April 12th, 2010 by Iris | Comments Off | Filed in earthquake insurance

If you believe that only Californian’s need to consider earthquake insurance, this may change your mind: already this year, there have been 47 recorded earthquakes and aftershocks in Oklahoma, and 40 of them measured at least 2.0 on the Richter scale. (Generally speaking, quakes that register at least 2.5 are the smallest we can actually feel.)

At 7:42 AM on April 8th, the The U.S. Geological Survey recorded another earthquake in central Oklahoma, this one measuring 3.2 in magnitude, and centered about two miles southwest of Jones and 10 miles northeast of Oklahoma City. There was an additional earthquake recorded in central Arkansas, as well.

The Arkansas quake measured only 1.46, and was recorded at 11:01 PM on April 8th. The USGS said the epicenter was roughly five miles northwest of Greenbrier, and 2 miles south-southwest of Twin Groves.

Officials from the USGS say these earthquakes are part of a phenomenon referred to as a “swarm” but that they don’t present a serious threat.

Even so, if I lived in that part of the country, I’d consider comparing earthquake insurance quotes – just in case.

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Preliminary Loss Estimates Announced for Chilean Quake

March 11th, 2010 by Iris | Comments Off | Filed in earthquake insurance, world events

Bermuda-based Everest Re Group has announced its preliminary loss estimate for exposures relating to the earthquake in Chile and the recent European windstorm known as Xynthia. The total? Earthquake: $225 million, Xynthia: $25 million. Representatives of the company told the press that the “…currrent estimates for these events are based on underwriters’ preliminary analyses and judgments, client input and discussion, event modeling and profiling of exposed limits.”

The company spokesperson elaborated, explaining, “Current industry loss estimates for the magnitude 8.8 earthquake in Chile range between $4 billion and $10 billion while the range of industry losses for the European Windstorm Xynthia is $2 billion to $4 billion. The Company expects it will be several months before relative clarity emerges with respect to its ceding companies’ underlying losses from these two events and as new information emerges these estimates may need to be adjusted.”

Joseph V. Taranto, Chairman and CEO Of Everest also commented, telling the press in a statement released yesterday: “We are extending our full support to our ceding company clients as they deal with the devastation caused by these events. Ours is a business of risk and we have ample capacity to absorb these losses. As such we are prepared to handle these claims in an effective and efficient manner.”

Meanwhile, insurance carriers with most of their policyholders here in the United States continue to urge consumers, especially those in known active fault areas, to purchase earthquake insurance sooner rather than later.

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