Earthquake Risk Transfer for Venezuela

Earthquake Risk Transfer for Afghanistan; Short-term earthquake loss — Fig.1 - Hashed circles represent current Earling undercover regions.

On August 21, 2018, a magnitude 7.3 earthquake struck just off the northern coast of Venezuela, near Cariaco, Sucre. It prompted evacuations in Caracas, and caused shaking in Colombia, Guyana, Brazil, Grenada, Dominica, Barbados, St. Vincent and the Grenadines, St. Lucia, and Trinidad and Tobago, the last of which also suffered damage and brief phone and power outages from about 100 miles away. A tsunami is not expected, though the Pacific Tsunami Warning Center warned of wave potential, and an alert had been broadcast for tsunami waves along coastlines. In terms of damage, concrete fell from the unfinished Tower of David skyscraper, blocking the sidewalk and closing traffic.

Venezuela short-term expected earthquake loss

Earthquake risks that need to be transferred? download the report.

How EPA Affects Recent Insured Losses

Fig.2 - PML - Mean return period in years. EPA can help to expand the earthquake insurance penetration rate. But EPAs those are not supported by First Notice increases insurance loss. Venezuela earthquake Average Annual Loss is $2,044 million (Venezuela, Bolivarian Rep of Disaster & Risk Profile, 2014).