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Facts + Statistics: Earthquakes and tsunamis

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Top 10 Costliest U.S. Earthquakes By Inflation-Adjusted Insured Losses (1)

($ millions)

        Insured losses (1)  
Rank Date Event Location When occurred In 2023 dollars (2)
1 Jan. 17, 1994 Northridge CA $15,300 $32,210
2 Apr. 18, 1906 San Francisco CA 235 8,295
3 Oct. 18, 1989 Loma Prieta CA 960 2,353
4 Feb. 28, 2001 Nisqually WA 315 551
5 Jan. 7, 2020 Puerto Rico PR 425 507
6 Aug. 24, 2014 South Napa CA 200 259
7 Feb. 9, 1971 San Fernando CA 32 244
8 Oct. 1, 1987 Whittier Narrows CA 75 200
9 Nov. 30, 2018 Anchorage AK 150 183
10 Aug. 23, 2011 Virginia VA, DC 100 136

(1) Includes losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. Ranked on losses in 2023 dollars. Subject to change as loss estimates are further developed. As of January 2024.
(2) Adjusted for inflation by Aon using the U.S. Consumer Price Index.

Source: Aon.

 

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Top 10 Writers Of Earthquake Insurance By Direct Premiums Written, 2022

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 California Earthquake Authority (3) $956,388 19.1%
2 FM Global  486,253 9.7
3 Palomar Specialty Insurance Co. 360,454 7.2
4 State Farm 324,356 6.5
5 Zurich Insurance Group 304,194 6.1
6 Berkshire Hathaway 203,688 4.1
7 Travelers Companies Inc. 183,684 3.7
8 Chubb Ltd. 180,191 3.6
9 Sompo Holdings Inc. 141,751 2.8
10 Liberty Mutual 134,184 2.7

(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, includes territories.
(3) California Earthquake DWP obtained from its financial statements reported on its website.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Earthquake insurance

Standard homeowners, renters, and business insurance policies do not cover earthquake damage. Coverage is available either as an endorsement or as a separate policy. Earthquake insurance mitigates damage costs and other liabilities that stem from the shaking and cracking that can destroy buildings and personal possessions. Standard home and business insurance policies provide coverage for other kinds of damage that may result from earthquakes, such as fire and water damage due to burst gas and water pipes. Earthquake coverage is primarily available from private insurance companies. In California, homeowners can also get coverage from the California Earthquake Authority (CEA), a privately funded, publicly managed organization.

According to a 2023 Consumer Survey by the Triple-I and Munich Re, over 37 percent of residents in the western U.S. report having purchased earthquake coverage. This proportion is almost three times higher than other regions.

Earthquake Insurance, Direct Premiums Written by State, 2022 (1)

($000)

Rank State Direct premiums written ($000)
1 California $2,959,391
2 Washington   365,264
3 Oregon 162,088
4 Missouri 137,690
5 Tennessee 128,858
6 Utah 117,289
7 Illinois 114,174
8 New York 94,656
9 South Carolina 61,840
10 Nevada 61,117
11 Texas 58,502
12 Kentucky 56,610
13 Alaska 55,277
14 Indiana 54,399
15 Arkansas 50,713
16 Florida 46,594
17 New Jersey 46,115
18 Massachusetts 42,252
19 Ohio 40,693
20 Mississippi 28,094
21 Virginia 27,889
22 Pennsylvania 27,387
23 Hawaii 25,630
24 North Carolina 23,483
25 Georgia 22,143
26 Arizona 19,644
27 Oklahoma 18,979
28 Colorado 17,161
29 Maryland 16,951
30 Connecticut 13,895
31 Michigan 11,282
32 Alabama 10,516
33 Kansas 10,405
34 Idaho 10,239
35 Wisconsin 9,754
36 Montana 9,447
37 Louisiana 7,723
38 Iowa 7,435
39 Wyoming 6,402
40 Minnesota 6,128
41 Washington, DC 5,514
42 New Mexico 4,857
43 Rhode Island 3,521
44 Nebraska 2,996
45 Maine 2,782
46 New Hampshire 2,759
47 Vermont 1,926
48 Delaware 1,912
49 West Virginia 1,691
50 South Dakota 928
51 North Dakota 925
  United States $5,013,915

(1) Includes the California Earthquake Authority, a state fund.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Earthquake Insurance, 2014-2023

($000)

Year Net premiums
written (1)		 Annual percent
change		 Combined
ratio (2)		 Annual point
change (3)
2014 $1,641,847 3.5% 34.0 3.7 pts.
2015 1,649,753 0.5 28.1 -5.8
2016 1,535,142 -6.9 34.4 6.2
2017 1,511,543 -1.5 42.3 8.0
2018 1,827,543 20.9 44.3 2.0
2019 1,985,433 8.6 29.0 -15.3
2020 2,386,798 20.2 38.1 9.1
2021 2,941,515 23.2 36.4 -1.7
2022 3,122,861 6.2 30.8 -5.6
2023 3,773,573 20.8 29.8 -1.0

(1) After reinsurance transactions, excludes state funds, such as the California Earthquake Authority, a not-for-profit, privately funded, publicly managed organization that provides coverage in California.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded data.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Additional Resources

U.S. Geological Survey (USGS) Significant Earthquakes

Southern California Earthquake Data Center (SCEDC), Recent Earthquakes in California and Nevada

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