News

Missouri report warns of earthquake insurance collapse

Insurance coverage dropped to fewer than 14%

JEFFERSON CITY, Mo. - 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.


Regional Headlines

More from KOAMNewsNow.com

  • Sign up for email newsletters and breaking news alerts
    Copyright 2018 by KOAMNewsNow KOAM. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
  • Events
    Copyright 2018 by KOAMNewsNow KOAM. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
  • Advertise With Us
    Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
  • Our Apps