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Claims - Earthquake - California tremor fails to shake market.
(From Reinsurance)
The earthquake that hit San Simeon in December last year will result in a fairly small insurance bill, ranging from $28-80m, according to modelling company AIR.
With its epicentre on the San Simeon fault line, the earthquake measured 6.5 on the Richter scale and was felt from San Francisco to Los Angeles.
Only two people were killed, when a clock tower in the town of Paso Robles collapsed. The tower was built in 1892 and was not designed to withstand earthquakes. Other buildings were damaged, but there were no reports of any others being destroyed. California has a stringent building code in place to make houses and buildings as earthquake-resistant as possible.
The area hit by the tremor is relatively undeveloped and mostly ...
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