New Zealand quake may be costliest disaster in 3 years

February 22, 2011NEW YORK – New Zealand’s deadliest earthquake in eight decades may be the costliest natural disaster for insurers since 2008, according to estimates from JPMorgan Chase & Co. Insured losses from the temblor may be $12 billion, Michael Huttner, an analyst at JPMorgan, said in a note to clients. That would be the most expensive calamity since the $19.9 billion loss from Hurricane Ike, which struck the U.S. in 2008, according to the Insurance Information Institute, a New York- based trade group. The 6.3-magnitude earthquake struck this week, killing at least 38 people, toppling buildings and trapping office workers in Christchurch, New Zealand’s second-largest city. Prime Minister John Key revised the death toll from a provisional count of 65 in a Television New Zealand interview today, and said that the number is likely to rise. A 7.0-magnitude temblor shook the city on Sept. 4, costing insurers an estimated $6 billion, according to Huttner. “Even buildings which are still standing may have hidden structural damage and could then need to be rebuilt,” he said in the note. “This is a very conservative assumption on our part and in support of this we note that all reinsurers revised” cost estimates for the previous earthquake. –Bloomberg
Natural disasters will bring the world’s financial systems down around our ears. We’ve said it before and we repeat the warning. We’re heading for some very perilous times as earthchanges intensify.
This entry was posted in Catastrophic Insurance losses mount, Earth Changes, Seismic tremors. Bookmark the permalink.

6 Responses to New Zealand quake may be costliest disaster in 3 years

  1. vicente says:

    I am not dealing with the subject of this email. I don’t know where else to make my comments. I just became a member a few days ago. This is the best website yet. I love all the information you are providing. Thank you for all you work. Tlamatini-vicente


  2. Michael says:

    What can be said that has not already been said. I have commented on a few stories already & explained what was going on. No need to do it again. This is going to become common place everywhere. One disaster after another. You are in an End Time. Not really the end of the Earth, but a massive change that will kill at least 66% of the human race. Keep in mind it won’t be the disaster alone that do this. But because of the disasters, humans will turn on one another. Man will eat man.


  3. Keaton says:

    Thanks for this great, informative website! there’s nothing else like it out there. Keep up with the stories… until the world as we know it is over. I check this site every day, i’m at work and typing this right now!


  4. Kelly says:

    This is indeed a subject that few even think about, the enormous cost of the natural disasters that are becoming more frequent and more severe. Cash strapped countries will have a hard time dealing with these disasters and increasingly we will find that help will not be forthcoming from other countries as they will be busy dealing with their own disasters and/or lack of funds to do it anyways.

    Eventually we will see many insurance companies that lack the financial backing to honor valid claims and default on coverage. We will also see insurance companies refusing to provide coverage in many parts of the world.

    Rough times ahead for us all I am afraid.


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