Napa Quake Seen Costing Up to $4 Billion as Wineries Shut

Tuesday, August 26th, 2014 Catastrophe Property

The earthquake that struck northern California yesterday will lead to economic losses of as much as $4 billion, fueled by damaged wineries and shuttered businesses that rely on tourists. Insurers will probably cover about $2.1 billion, according to an estimate from Kinetic Analysis Corp., which projected total losses of about twice that sum. Costs borne by the industry may be limited because many homeowners don’t have earthquake coverage, according to the Insurance Information Institute.

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http://www.bloomberg.com/news/2014-08-24/california-quake-crumples-buildings-as-scores-are-hurt.html

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