Rapid Earthquake Exposure Assessment - Virginia Quake

by Tom Link on August 24, 2011

A 5.8 magnitude earthquake occurred in Virginia, a rare occurrence for the east coast.

Following events such as earthquakes, property insurers rush to assess potential damage. Within moments of an event, SpatialKey's Earthquake Impact app - part of our new Natural Perils suite - allows insurers to see potential impact of an earthquake on their portfolio.

This quake's epicenter was about 40 miles northwest of Richmond. As you can see, only 3 properties in our sample portfolio fell within areas of an MMI shake intensity of 5 or higher, with a total insured value under $300k.

SpatialKey automatically obtains event data from USGS Earthquake Hazard Program's ShakeCast system, and identifies which properties were exposed to which shake intensities. All if this is done without any IT intervention on the insurers part, meaning that users throughout the company can gain access to this information instantly, without bottlenecks or hassle.

The Earthquake Impact App, and the Natural Perils Suite it is a part of, are in beta with select customers. If you're interested, please contact us for more information.

Topics: Insurance, Earthquake, Analytics, Event response

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