Technical Feature - Devastating Sichuan Quake Could Rock Life Insurers
Source: Asia Insurance Review | Jun 2008
The strong magnitude 7.9 earthquake that struck Eastern Sichuan Province, China, last month occurred in a mountainous region to the north-west of Chengdu and brought about more than 20 aftershocks larger than magnitude 5.0. According to press reports (at the time of printing), the death toll had soared to more than 60,000 lives. However, there is still significant uncertainty surrounding the final estimates as rescue efforts are still underway and claims have yet to be reported. AIR Worldwide estimated that the insured damage could reach US$1 billion, which will be the largest insured loss in China to date. Here, we look at the impact on the insurance industry.
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