[ad_1]
This article discusses the economic impact of earthquakes, the major earthquake insurance companies, and the 25 most earthquake-prone countries in the world. If you want to skip the detailed analysis, you can go directly to the next page. Five The country with the most earthquakes in the world.
Economic impact of earthquake
As CNBC reported on January 9, earthquakes and thunderstorms will cause $250 billion in damage worldwide in 2023. Munich Re, the world’s leading reinsurer, announced that its insurance losses in 2023 reached $95 billion. Previously, we also covered some of the world’s largest reinsurance companies. Although the statistics on losses in 2023 may not seem significant, they are alarming given the fact that the total losses recorded remain high. The number of deaths from natural disasters in 2023 was higher than the annual average of the previous five years. The devastating impact of earthquakes is evidenced by the fact that in 2023, earthquakes claimed 63,000 lives, accounting for 85% of the total deaths that year.
The deadly earthquake that struck southeastern Turkey and Syria in February 2023 was considered the most devastating natural disaster of the year. This disaster cost her $50 billion in economic losses and ultimately caused more than 55,000 deaths. Initially, the earthquake caused a loss of up to 1% of Turkey’s GDP in 2023, as reported by Reuters on February 16, 2023. The Turkish lira hit an all-time low in February 2023. Earthquakes were said to be the biggest factor According to a Reuters media report published on July 28, 2023, insured and uninsured losses in the first half of 2023 were as follows:
Recently, on January 1st, an earthquake with a preliminary magnitude of 7.6 struck central Japan. CNBC reported that the quake was the strongest in the region in more than 40 years. A major tsunami warning has been issued by the Japan Meteorological Agency. The Japanese government has asked thousands of people to evacuate from the west coast of Honshu. Thirty buildings were reported to have collapsed in the city of Wajima, while shaking was also witnessed in Tokyo-based buildings. In addition, cracks appeared in the runway, forcing the closure of the Ishikawa Prefecture airport.
Major companies providing earthquake insurance services
The insurance industry plays an important role in limiting losses from earthquakes. According to a report by Straits Research, the global earthquake insurance market is expected to grow to $167.6 billion by 2031, with a compound annual growth rate of 6.0% from 2023 to 2031.
Earthquake insurance typically covers your residence, personal property, and living expenses in case your home becomes uninhabitable due to insured earthquake damage. Earthquake insurance is typically not included in standard homeowners or renters insurance policies and must be purchased separately. Companies that offer earthquake insurance include Chubb Limited (NYSE:CB), Tokio Marine Holdings, Inc. (OTC:TKOMF), and Swiss Re Ltd (OTC:SSREY). Let’s take a look at what these companies have been up to. You can also take a look at some of the best earthquake insurance companies for 2024.
Chubb Limited (NYSE:CB) is one of the world’s largest property and casualty insurance companies, with operations in 54 countries and territories. Helps protect you from natural disasters such as floods, wildfires, and hail. At the same time, the company offers different types of earthquake coverage depending on the state. On February 22nd, Chubb Limited (NYSE:CB) reported that climate catastrophe events were cited as a key factor guiding mid-market companies’ insurance purchasing decisions. More than half of these companies believe they were fully or adequately prepared to respond to a large-scale incident, but short- and long-term large-scale disasters, such as natural disasters, remain a significant concern for midsize companies. is.
Tokio Marine Holdings (OTC:TKOMF) is a multinational insurance holding company based in Japan, one of the most earthquake-prone countries. The company’s earthquake insurance covers not only tsunamis, but also earthquakes, volcanic eruptions, fires, and explosions associated with earthquakes and volcanic eruptions. The premium rate depends on several factors, including the age of the facility, the occupation, and the stage of construction in the area. In this regard, Tokio Marine Holdings, Inc. (OTC:TKOMF) does not cover loss or damage to property caused by civil war, acts of terrorism, military force, sabotage, or acts of vandalism.
Swiss Re Ltd (OTC:SSREY) is a well-known provider of reinsurance and insurance. The company’s commercial insurance division, Swiss Re Corporate Solutions, served as the first insurance company to offer parametric earthquake insurance through a compact seismometer. On February 28, Swiss Re Limited (OTC:SSREY) reported that the Philippines and the United States are the most economically exposed to weather-related natural disasters. Her 3% of the Philippines’ GDP is lost to weather disasters, while the United States faces an annual economic loss of $97 billion from such disasters. You can also see which states in the U.S. are most at risk for natural disasters.
So without further ado, let’s move on to the 25 countries with the most earthquakes in the world.
Top 25 countries with the most earthquakes in the world
Our methodology:
To create a list of the 25 most earthquake-prone countries in the world, we obtained data on the occurrence of earthquakes from the Earthquake List. To show how vulnerable the country is to earthquakes, we extracted the total number of earthquakes of magnitude 4 or higher with epicenters within 300 kilometers of the country. Data is from the most recent year 2023. Our sources use two major official databases to aggregate earthquakes in each country and update records daily. Data for European countries was collected from his 2023 country profile of the European Mediterranean Seismological Center (EMSC). The second database belongs to the United States Geographical Survey (USGS) Earthquake Catalog.
The 25 most earthquake-prone countries in the world are ranked in descending order of the total number of earthquakes in 2023.
Top 25 countries with the most earthquakes in the world
25. Uzbekistan
Total number of earthquakes (2023): 197
On average, Uzbekistan experiences 169 earthquakes per year. In 2023, 197 cases occurred within 300 kilometers of the country. Therefore, Uzbekistan ranks as one of the most earthquake-prone countries in the world.
24. Kyrgyzstan
Total number of earthquakes (2023): 214
In the past 10 years, Kyrgyzstan has experienced 1,922 earthquakes of magnitude 4 or higher. In 2023 he said 214 earthquakes will hit the country. Therefore, Kyrgyzstan is also one of the countries with the most earthquakes in the world.
23. Pakistan
Total number of earthquakes (2023): 221
In 2023, 221 earthquakes are expected to occur within 300 kilometers of Pakistan. During the previous decade, Pakistan continued to suffer a total of 2,412 earthquakes.
22. East Timor
Total number of earthquakes (2023): 243
Timor-Leste is an earthquake-prone country in Southeast Asia. In 2023, the country experienced 243 earthquakes of magnitude 4 or higher.
21. Russia
Total number of earthquakes (2023): 253
In 2023, 253 earthquakes occurred within 300 kilometers of Russia. The country remains exposed to earthquakes, with an average of 211 earthquakes per year.
20. Honduras
Total number of earthquakes (2023): 270
Honduras is a Central American country that experienced 270 earthquakes in 2023. In the past 10 years, 2,531 earthquakes were recorded within 300 kilometers from Honduras.
19. India
Total number of earthquakes (2023): 275
India experienced 275 earthquakes in 2023. In the last 10 years, a total of 2,780 earthquakes of magnitude 4 and above have occurred within 300 kilometers of India.
18. Nicaragua
Total number of earthquakes (2023): 299
Nicaragua is located in Central America and is a country prone to earthquakes. On average, the country experiences 260 earthquakes per year, which explains the extent of its vulnerability to earthquakes.
17. Iran
Total number of earthquakes (2023): 304
Iran is another Asian country that experienced a large number of earthquakes in 2023. In 2023 there were 304 earthquakes within 300 kilometers from Iran.
16. El Salvador
Total number of earthquakes (2023): 338
El Salvador experiences an average of 316 earthquakes per year. The country experienced a total of 338 earthquakes in 2023.
15. Tonga
Total number of earthquakes (2023): 353
Tonga is an island country, so it is vulnerable to earthquakes. In 2023 he said 353 earthquakes will hit the country.
14. Tajikistan
Total number of earthquakes (2023): 356
Tajikistan is a country in Central Asia that faces earthquake risks. In this country, 356 earthquakes were recorded in 2023.
13. Argentina
Total number of earthquakes (2023): 402
In 2023, 402 earthquakes occurred within 300 kilometers of Argentina. Therefore, this country is one of the most earthquake-prone.
12. Afghanistan
Total number of earthquakes (2023): 414
Among all other countries, Afghanistan was one of the countries hit by the most earthquakes in 2023. In this country, there were 414 earthquakes in that year.
11. China
Total number of earthquakes (2023): 473
China faces an average of 427 earthquakes a year. In 2023, 473 earthquakes were recorded within 300 kilometers of the country. Therefore, China is also a country with many earthquakes.
10. Peru
Total number of earthquakes (2023): 579
Peru remains vulnerable to earthquakes. A total of 579 earthquakes were recorded in the country in 2023. On average, the country witnesses an average of 561 earthquakes per year.
9. Syria
Total number of earthquakes (2023): 739
In 2023, 739 earthquakes were recorded in Syria. The country is exposed to earthquakes, with an average of 99 earthquakes per year.
8. Guatemala
Total number of earthquakes (2023): 759
In 2023, 759 earthquakes occurred within 300 kilometers of Guatemala. The country experiences an average of 581 earthquakes per year, making it one of the most earthquake-prone countries in the world.
7. Papua New Guinea
Total number of earthquakes (2023): 818
Papua New Guinea is also a country prone to earthquakes. Papua New Guinea experienced 818 earthquakes in 2023. Papua New Guinea experiences an average of 829 earthquakes each year.
6. Türkiye
Total number of earthquakes (2023): 877
Turkey ranks as one of the most earthquake-prone countries in the world. In 2023, the country experienced a total of 877 earthquakes. The earthquake that hit this country in February 2023 was a huge magnitude 7.8.
Click to keep reading to see the five countries with the most earthquakes in the world.
Recommended articles:
Disclosure: None. twenty five The country with the most earthquakes in the world Originally published on Insider Monkey.
[ad_2]
Source link
