Eqecat: Virginia Quake Losses Under $100m
Catastrophe modeling company Eqecat said the 5.8 magnitude earthquake that struck Virginia yesterday [Aug.24] caused less than $100 million in insured losses.
A statement released by the company said, “Earthquake loss estimates are very sensitive to the measurement of the earthquake magnitude. EQECAT’s modeling indicates that an increment of one magnitude (from approximately M6 to M7) for an earthquake occurrence in this region would increase the loss estimate to close to $2 Billion USD, more than a 20-fold increase in losses for a one magnitude increase in energy released.”
