Earthquakes in South America: Is Your Exposure at Risk?
In 2010, the magnitude 8.8 Maule earthquake—the sixth largest temblor ever recorded by a seismograph—was a vivid reminder of the destruction earthquakes can cause. As devastating as this event was, it is important to note that stronger—and more costly—earthquakes are possible in South America.
The new AIR earthquake models for South America provides the insurance industry with the most robust and comprehensive view of seismic risk in Chile, Colombia, Ecuador, Perú, and Venezuela.
Explicit Modeling of Tsunami and Liquefaction Risk
Earthquakes in South America have the potential to trigger tsunamis and liquefaction that can greatly exacerbate the damage from ground shaking alone. The new AIR models provide the industry's first fully probabilistic view of tsunami risk for countries along South America's Pacific coast. Liquefaction damage is explicitly modeled for major cities—the areas with the greatest concentration of exposures.
Region-Specific Damage Functions Informed by Collaboration with Local Experts
AIR worked closely with local experts and institutions to capture the unique vulnerability of each country's building stock, as well as changes to building codes and the stringency of code enforcement.
"AIR's earthquake models for South America are "an excellent method of estimating the seismic vulnerability of a portfolio specific to the insurance industry in a simple and practical way."-Prof. Jorge Olarte Navarro
Universidad Nacional de Ingenieria, Peru