Earthquakes are potentially the most destructive of all natural
disasters in both loss of life and property damage. Casualties and
structural damage result from intense ground shaking and such
secondary effects as fires, landslides, ground subsidence, and
flooding from dam collapse or tsunamis. While earthquakes in the
United States are commonly associated with the West Coast,
particularly California, 39 states altogether face some degree of
seismic risk. Seventy million people and at least nine metropolitan
areas are susceptible to severe earthquakes. Nevertheless,
California has been the focal point of most earthquake studies due
to its high frequency of events (two thirds of all earthquakes have
occurred in California), large population and extensive property
development. But the high frequency of earthquakes alone does not
warrant the amount of official and scientific attention these
events have received. It is the rare and devastating earthquake
such as the 1906 San Francisco quake and the 1964 Alaska event,
both of which measured more than 8 on the Richter Scale.
Earthquakes of this magnitude could be expected in the United
States, and most likely in California, every 60 to 100 years and
less severe but major earthquakes every 15 to 20 years (Anderson,
et al., 1981). The area currently believed to be at greatest risk
of a massive earthquake is the Los Angeles-San Bernardino region.
An event which could exceed 8 on the Richter Scale has an estimated
annual probability of occurrence of 2 to 5 percent and its
likelihood of occurrence in the next 20 to 30 years is regarded as
-high." This earthquake could kill and injure between 15,000 and
69,000 persons (depending upon time of occurrence) and cause up to
$17 billion in property damage (NSC/FEMA, 1980). Some studies have
placed the property damage estimates as high as $50 billion (U.S.
Department of Commerce, 1969). This report grew out of the City of
Los Angeles Planning Partnership for which the Southern California
Earthquake Preparedness Project (SCEPP) was asked to research and
report on several issues pertaining to earthquake insurance. In the
course of this research, it became obvious to both SCEPP and
SCEPP's Policy Advisory Board that earthquake insurance and its
role in the recovery process was a major policy issue. Thus, the
research effort was expanded to incorporate broader issues and
circulation of the report beyond the Los Angeles Planning
Partnership. The report has five goals which correspond to its
organization: (1) to outline the provisions (coverages, rates,
deductibles, etc.) of earthquake insurance policies currently
available to the major classes of insurance consumers-homeowners,
businesses, local governments and special districts; (2) to
determine the extent to which earthquake insurance is purchased by
these parties and explore the circumstances surrounding purchase or
non-purchase; (3) to review the salient issues in earthquake
insurance from the standpoints of purchasers and providers; (4) to
explore potential Federal roles in resolving these issues and in
providing or promoting earthquake insurance; and finally, (5) to
make reasonable policy recommendations involving both the Federal
Government and other stakeholders in earthquake insurance toward a
more adequate system of coverage.
General
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