2016 Ecuador Earthquake insurance company losses of 575 million dollars

Posted on May 19, 2017 • Filed under: Earthquake, Economy, Ecuador

Ecuador quake insured loss pegged at $575m
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by Artemis on April 20, 2017

artemis.bm / The powerful magnitude 7.8 earthquake that struck Ecuador just over a year ago is now expected to result in an insurance industry loss of $575 million, with reinsurance markets having taken a share. However the overall economic impact to the country had been put at over $4 billion, reflecting the protection gap in Latin America.

Ecuador earthquake shakemapThe earthquake struck the north of Ecuador near the town of Muisne in the north, but was felt widely in the capital of Quito and resulted in severe damage to the commercial area of Guayaquil, where buildings collapsed and structures were badly damaged.

Reinsurance firm Swiss Re had put the industry loss at $500 million in its most recent sigma report on global catastrophe impacts from 2016, but local industry representatives have now said that they expect the 30 insurers operating in the country will face a payout of $575 million. Read Full Article

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