Midwest earthquake could cause losses estimated at $300 billion, the country’s largest disaster | state

(Center Square) — If a major earthquake strikes in Missouri’s New Madrid seismic zone, researchers say it could be the costliest natural disaster in the nation’s history.

In preparation for a catastrophic earthquake, the Missouri Department of Commerce and Insurance (DCI) is launching an education campaign in February – Earthquake Awareness Month – to help Missouri residents prepare for personal and financial survival. DCI research shows that the percentage of those with earthquake insurance coverage in the most dangerous areas of the New Madrid Fault Zone decreased from 60.2% in 2000 to 12.7% in 2020. The 47 percentage point drop is due to the increasing cost of earthquake insurance. Premiums have increased by 102% since 2010 and 760% since 2000 in the provinces of New Madrid.

“The southeastern quarter of Missouri includes the New Madrid Seismic Zone, which experiences about 200 small earthquakes each year,” Movement Director Clara Lindley Myers said in a statement. “However, it appears that consumers who are most at risk do not know that their homeowners’ or renters’ policies do not cover earthquake damage. We are concerned and want consumers to know where they stand before a major earthquake.”

The University of Illinois Central American Seismological Center and the Federal Emergency Management Agency have predicted that a major earthquake in New Madrid could cause $300 billion in economic losses, which could surpass Hurricane Katrina and the 2021 winter storms as the most costly in the nation’s history. A leading catastrophic risk modeling company estimated insured losses at about $120 billion in 2011, according to a DCI media release.

Recent research by the DCI, the Center for Insurance Policy and Research at the National Association of Insurance Commissioners and the University of Missouri’s Community Crisis Center found that 45.2% of adults surveyed in at-risk counties were unaware of their homeowner’s insurance. Earthquake damage coverage. More than 69% of renters surveyed were not aware that renter insurance does not cover earthquake damage.

Along with a consumer awareness campaign, DCI will gather state and federal agencies and insurance industry representatives in May for the inaugural Central US Earthquake Strategy Summit.

“The theme of the summit is ‘Bridging the Gap,’ and we will be inviting leading innovators and visionaries to start conversations directed towards solving this critical issue,” said Lindley Myers. “It is imperative that we plan our resilience and recovery strategies before a major seismic event hits the New Madrid region.”

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