New Madrid earthquake zone report highlights earthquake insurance gap – InsuranceNewsNet

Jefferson City, Missouri, November 8 (TNSrpt) – The Missouri Department of Insurance issued the following press release on November 7, 2022:

On Monday, the Missouri Department of Commerce and Insurance (DCI), the National Association of Insurance Commissioners (NAIC) Center for Insurance Policy and Research (CIPR), and the University of Missouri Disaster and Community Crisis Center announced the launch of a new edition. Report examines the earthquake protection gap in the New Madrid seismic zone and provides insights into insurance uptake for homeowners and renters.

The New Madrid Seismic Zone (NMSZ), located in the central United States, is one of the most active seismic zones in the country, averaging over 200 small earthquakes annually. In 1811 and 1812, this area produced some of the largest earthquakes in US history, estimated to have a magnitude of 7.0-7.5. Several studies have projected what the losses would be if a similar-sized earthquake occurred in the NMSZ today, with estimates ranging from $110 to $290 billion in total insured losses.

Since 1974, a total of more than 4,000 earthquakes have been recorded in the NMSZ, and scientific experts estimate there is a 25 to 40 percent chance of another earthquake of significant magnitude in the next 50 years.

Despite the threat, a large and growing gap exists in the protection of earthquake insurance coverage in the region. Missouri DCI produces annual estimates of its state’s housing insurance coverage. The most recent data from 2021 shows that earthquake coverage in the New Madrid, Missouri area is down 49 percent from 2000 (60 percent), while earthquake coverage costs there have increased by 816 percent. Districtwide, an estimated 7-16 percent of homeowners report having earthquake insurance.

The study explores other reasons beyond cost and availability that may influence a consumer’s decision to purchase earthquake insurance coverage. The study found that the three most important predictors of earthquake insurance uptake were:

* Hiring agents to help make insurance decisions

* Talk to friends and family about earthquakes

* Confidence to have adequate information about earthquakes

Another major finding was that many homeowners were unaware that their standard insurance policy did not cover earthquake damage and losses. Missouri DCI is incorporating the findings of this study into its annual education and awareness campaign to give consumers more information to make critical decisions about their coverage and preparedness.

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Report: https://content.naic.org/sites/default/files/documents/cipr-report-earthquake-protection-gap.pdf

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Original text here: https://insurance.mo.gov/news/newsitem/uuid/f1b7428d-08a3-4cc6-9880-a4029a6cb09c

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