Chile earthquake losses could hit $900m: AIR
Catastrophe modelling firm AIR Worldwide has estimated that industry insured losses from the earthquake that struck Chile’s central coast near Illapel on September 16 will be between CLP 400 billion ($600 million) and CLP 600 billion ($900 million).
The M8.3 earthquake caused the destruction of more than 400 residential buildings and damaged more than 700, according to ONEMI, the Chilean agency responsible for public safety and emergency response. In addition, several mines were affected by ground shaking caused by the quake.
Dr Mehrdad Mahdyiar, vice president and senior director of earthquake hazard research at AIR Worldwide, said: “The 2010 M8.8 Maule earthquake released a significant amount of accumulated energy and reduced the seismic risk offshore of Santiago, but increased the risk along the northern segment of the subduction.
“The main shock, which was followed by several strong aftershocks, triggered a tsunami that was recorded in several countries. The tsunami produced waves up to 1 metre in height as far away as the Hawaiian Islands.”
Seeing the highest tsunami wave of nearly five metres was the port city of Coquimbo, where debris and fishing boats washed inland into the downtown area and homes and businesses were inundated. The town of Illapel, located directly east of the quake’s epicentre, suffered the heaviest damage resulting from strong ground motion.
The location and magnitude of this earthquake are consistent with AIR’s recent seismicity model for this region.
