Ridgecrest quake insured losses less than $40M: Karen Clark

Source: Business Insurance

Mathew Lerner July 24, 2019 Karen Clark & Co. on Wednesday said total damage for the Ridgecrest earthquake July 5 in California should be roughly $200 million, but insured losses will likely be less due to low earthquake insurance penetration rates and high deductibles. Insured losses will likely be less than $40 million because fewer than 20% of property owners in the area have earthquake insurance and earthquake deductibles are high, the Boston-based catastrophe modeler said in its report Wednesday.