Missouri report warns of earthquake insurance collapse - WSIL-TV 3 Southern Illinois

Missouri report warns of earthquake insurance collapse

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JEFFERSON CITY, Mo. (AP) - A new report says Missouri faces a possible earthquake insurance marketplace collapse and massive economic losses if a powerful quake hits the New Madrid fault line anytime soon.
  
Despite the risk, the report says earthquake insurance coverage dropped to fewer than 14% of homes in the New Madrid area in 2018, compared to 60% in 2000.
  
A series of powerful earthquakes occurred along the fault line beginning in 1811, including one with an estimated magnitude of 7.7 on a 12-point intensity scale.
  
Missouri's insurance department report points to a recent risk assessment that predicted total economic losses of $300 billion if a similarly strong earthquake hits again. The U.S. Geological Survey predicts there's a 7-10% change that an earthquake of that intensity could happen again in the next 50 years.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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