What is the significance of 1994 Northridge earthquake insurance?

What is the significance of 1994 Northridge earthquake insurance?

In January 1994 when the Northridge earthquake, a magnitude 6.7 quake, struck Southern California, causing an estimated $26.4 billion (in 2018 dollars) in insured losses, the insurance industry ended up paying out more in claims for this quake than it had collected in earthquake premiums over the preceding 30 years.

What was the damage of the 1994 Northridge earthquake?

The Northridge earthquake was the costliest natural disaster to have occurred in the United States at the time, and is today the third largest economic loss caused by a natural disaster in the nation’s history. The damage cost estimate reached $20 billion in damages, and $49 billion in economic loss.

How big was the main shock of the Northridge earthquake in 1994?

6.7
The earthquake occurred just after 4:30 am local time along a previously undiscovered blind thrust fault in the San Fernando Valley. Its epicentre was in Northridge, a suburb located about 20 miles (32 km) west-northwest of downtown Los Angeles. The major shock lasted 10–20 seconds and registered a magnitude of 6.7.

Why are earthquakes not covered by insurance?

Earthquakes can cause much harm to home structures. They can damage housing foundations and collapse walls; even relatively mild tremors can destroy furnishings and belongings. Homeowners and renters insurance does not cover earthquake damage.

What are four ways that earthquakes cause damage?

The damage caused by earthquakes is from ground shaking, ground rupture, landslides, tsunamis, and liquefaction.

What was the worst earthquake in Los Angeles?

The Northridge quake (named after the San Fernando Valley community near the epicenter) was one of the most damaging in U.S. history. It was 4:31 a.m. when the 6.7-magnitude quake struck the San Fernando Valley, a densely populated area of Los Angeles located 20 miles northeast of the city’s downtown.

What was the aftermath of the Northridge earthquake?

More than 9,000 people were injured and 20,000 were displaced in a natural disaster that caused an estimated $20 billion in damage. The destruction included collapsed buildings and freeway overpasses, snapped water and gas lines, rampant fires and landslides.

How many aftershocks did the 1994 Northridge earthquake have?

(1995) that these lateral ramp structures might be the slip limiting features of the mainshock rupture. The Northridge earthquake sequence consists of over 10,000 aftershocks (Hauksson et al., 1994); two of which had Mw6.

Does my homeowners insurance cover earthquakes?

Your homeowners insurance typically protects your dwelling and other structures and contents from damages due to fire, smoke, lightning, hail, theft and other exposures as described in your policy. Earthquake damage, however, is typically excluded from homeowners insurance policies.

Is earthquake insurance a good idea?

While earthquake insurance can be great to have if your home is seriously damaged and the damage exceeds your deductible, the high premiums and deductibles that come with earthquake coverage can make the balance between what you pay and what you get uneven.

What are the major hazards of earthquakes?

Earthquake Hazards

• Ground Shaking. If an earthquake generates a large enough shaking intensity, structures like buildings, bridges and dams can be severley damaged, and cliffs and sloping ground destabilised.
• Tsunami.
• Landslides and Rockfalls.
• Subsidence and Lateral Spreading.
• Liquefaction.

What is earthquake hazard give examples?

Earthquake hazard is anything associated with an earthquake that may affect the normal activities of people. This includes surface faulting, ground shaking, landslide, liquefaction, tectonic deformation, tsunamis, and seiches.

How many people died in the Northridge earthquake of 1994?

Northridge earthquake of 1994. Its epicentre was in Northridge, a suburb located about 20 miles (32 km) west-northwest of downtown Los Angeles. The major shock lasted 10–20 seconds and registered a magnitude of 6.7. Fatality estimates range from just under 60 to more than 70 people killed, with most studies placing the number at around 60.

What is a major accident hazard?

A Major Accident Hazard is a source of danger that has the potential to cause a major incident, whether that involves multiple fatalities and/or significant damage to plant, equipment or the environment. Managing Major Accident Hazards is vital to safe operations.

What is the history of major accident hazard control?

With the growth of chemical industry and use of hazardous chemicals, the world had seen many major accidents during last 50 years but the concept of major accident hazard ( MAH) control came in our country after Bhopal accident in 1984 only.

What legislative changes were made after the Northridge earthquake?

Accordingly, a number of legislative changes were made in the aftermath of the Northridge earthquake. Most significantly, the state created the California Earthquake Authority, a publicly managed but privately funded organization offering basic residential earthquake insurance.