Re/Insurers Ponder the Impact of Human-Caused Earthquakes
Friday, 06 26 2015, Category: Nature, Country: World
Earthquakes, the natural kind caused by the movements of vast tectonic plates, have been occurring since the dawn of time. But now there is a new type of quake, the study of which has been labeled “seismicity,” which is being caused by human activity.
Although they are usually at a shallower depth, and of less intensity than the ones nature produces, they nonetheless have caused a lot of damage, and are a growing concern for the re/insurance industry. Naturally they have become a subject for catastrophe modelers to study, collect data on, and eventually produce models to gauge their destructive loss potentials for brokers, insurers and reinsurers.
One of the breakout sessions at the Aon Benfield/Impact Forecasting catastrophe modeling conference in London featured an extended discussion of this new hazard.
Source: Insurance Journal