According to the latest reports from New Zealand, the death toll from Tuesday’s 6.3 magnitude earthquake has reached 113 and is expected to increase further as the grim recovery efforts proceed in the coming days. In terms of financial damage, the quake is now expected to result in insured losses of up to $12 billion. The disaster may prove to be among the top 10 most costly natural disasters once the final financial toll is known. Although the turmoil in Libya and the related spike in oil prices has moved the New Zealand story off the front pages of many newspapers, this disaster will have widespread implications in the months ahead. Read this article for more details.
According to P&C National Underwriter, the next big California earthquake could occur in the near future. University of California-Irvine and Arizona State University researchers have examined seven hundred years of quake history and found that large quakes are much more common than previously believed. Read this article for more details.