Missouri Earthquake Insurance Market Is Getting Very Shaky
Thursday, July 25th, 2019 PropertyA new Missouri earthquake insurance report was recently published by the state’s Department of Insurance (D.O.I.), highlighting some troubling details about the market there.
The “Earthquake Insurance Market Report” showed a lack of preparedness in the event of a large quake.
The Missouri earthquake insurance report revealed some troubling facts about the readiness of the state’s market to recover if a high magnitude quake should occur.
This is particularly worrying as the southeast of the state sits on top of the New Madrid fault line area. The D.O.I. pointed to a number of strong tremors during the winter of 1811 to 1812. Geological experts now estimate that the main quakes at that time ranged from a magnitude of 7.0 to 7.5.
The report stated that if a similar event should occur today, Missouri residents and business owners would face overwhelming losses.
