Subscribe to our free daily newsletters
. Earth Science News .

Subscribe to our free daily newsletters

Developing a microinsurance plan for California earthquakes
by Staff Writers
San Francisco CA (SPX) Apr 13, 2017

File image.

Nine out of ten Californians are uninsured against earthquake risk, which could slow economic recovery in neighborhoods and cities around the state after a damaging quake. On-demand or use-based small insurance policies - sometimes called microinsurance - could help fill in that financial gap, according to a presentation at the 2017 Seismological Society of America's (SSA) Annual Meeting.

Unlike traditional insurance policies, which tend to cover only structural damage and involve extensive documentation, a microinsurance policy would automatically pay a fixed sum to all of the insured who fall into a "payout zone" affected by the earthquake.

At the SSA meeting, Kate Stillwell of Jumpstart Insurance Solutions Inc. will present a case study showing how data on seismic shaking intensity are being used to develop a microinsurance policy for California.

Stillwell is a structural engineer who has worked with several organizations over the course of her career to determine standards for keeping buildings safe in the event of an earthquake.

Her experience in this area, she said, led her to believe that "there are so many other pieces of the puzzle that we're going to need to recover and to be resilient in the event of an earthquake, and one of the big missing pieces is having enough money in the system."

Payout on a microinsurance policy could be used for anything from property damage, to lost wages from time off work, to vet bills for an injured pet, Stillwell noted.

Stillwell will discuss a model for creating a payout zone that is defined by a combination of shaking intensities mapped out over the area affected by an earthquake and census blocks, the smallest geographical unit used by the U.S. Census Bureau.

A different type of microinsurance policy against earthquake risk has already been adopted in Turkey, said Stillwell, who noted that microinsurance has also been used to protect against crop damage in several parts of the world. The concept could be expanded to many kinds of "high-consequence, low-probability" events, she said, including hurricanes, volcano erupts, tsunami and landslides.

Seismologists offer detailed look at New Zealand's Kaikoura earthquake
San Francisco CA (SPX) Apr 13, 2017
The magnitude 7.8 Kaikoura earthquake that struck the South Island of New Zealand last November was the largest on-land recorded earthquake in the country's history. In a special session at the 2017 Seismological Society of America's (SSA) Annual Meeting, researchers will gather to describe their findings on the quake and its implications for further seismic activity in the region. Shaking ... read more

Related Links
Seismological Society of America
Bringing Order To A World Of Disasters
When the Earth Quakes
A world of storm and tempest

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Glowing bacteria detect buried landmines

Mosul zoo lion and bear flown out of Iraq

World's oldest dental fillings found in Italy

US says ending UN mission in Haiti is a 'strong example'

Despite EU fines, Greece struggling to promote recycling

New method for 3-D printing extraterrestrial materials

Ultra-thin multilayer film for next-generation data storage and processing

USC Viterbi researchers develop new class of optoelectronic materials

Into the DNA of a coral reef predator

Guinea seizes shark fins from Chinese ships

New England's glacial upland soils provide major groundwater storage reservoir

Catch shares slow the 'race to fish'

Researchers unravel the drivers of large iceberg movement

Polar glaciers may be home to previously undiscovered carbon cycle

Warm Atlantic waters contribute to sea ice decline

Permafrost more vulnerable than thought: scientists

To save honey bees, human behavior must change

So sheep may safely graze

Fungus uses light to invade, attack wheat plants

Colombia forces struggle to root out coca

Houses damaged as strong quake hits south Philippines

Antarctic penguin colony repeatedly decimated by volcanic eruptions

At least 35 dead in Iran floods; Quake rattles northern Chile

Developing a microinsurance plan for California earthquakes

Four dead in army, police clashes in Nigeria: source

Three killed in Mogadishu army camp attack: military

El Nino can warn on cholera outbreaks in Africa: study

Five dead in jihadist attack in Mali

Putting social science modeling through its paces

Study reveals 10,000 years of genetic continuity in northwest North America

Married couples with shared ancestry tend to have similar genes

Researchers uncover prehistoric art and ornaments from Indonesian 'Ice Age'

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement