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According to the Ministry of Finance, in the 20th century Mexico suffered 47 earthquakes of 7.0 on the Richter scale and 29 at 7.5 on the Richter scale. In 1996 it created the Natural Disaster Fund (Fondo de Desastres Naturales - FONDEN) as a form of self-insurance, the object of which was to fund emergency expenditure following natural disasters without affecting public finances. In January 2011, FONDEN announced that it would insure 32 states and 2,441 municipalities against natural disasters and that the affected areas would have immediate access to FONDEN funds following such disasters.
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(US$ millions)
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While there has not been a truly significant quake on the U.S. mainland since Northridge in 1994, it is only a matter of time.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org