Twelve Capital Event Update: 7.1 Earthquake in California

icn-dark-earthquake8 July 2019

Another powerful earthquake with a magnitude of 7.1 at a depth of 8.0 km occurred around 20:20 local time on Friday 5 July near Ridgecrest in Southern California, a city with a population of nearly 29,000. The earthquake was just a few kilometres north-west of the magnitude 6.4 shock that took place on 4 July.

This second shock was more than ten times stronger than the previous earthquake. It was, once again, felt in the areas of Los Angeles and Las Vegas. So far, no immediate reports of major damage or injuries have been reported from these areas. In Ridgecrest, however, moderate local damage has been reported, such as fires caused by gas leaks, water main breaks and power outages as well as cracks in streets. Some injuries were also reported, however, no fatalities have been announced.

Damage assessments are ongoing from both the initial foreshock on 4 July and the earthquake on 5 July. Based on currently available information, Twelve Capital does not expect these events to have a material impact either on the reinsurance industry or on Twelve Capital portfolios.

At this point, Twelve Capital will continue to closely monitor the evolution of these recent events and will issue further updates should there be significant changes to the current assessment.

Please click here for a chart of the earthquake’s epicentre (Source: USGS, as at 8 July 2019).

Monday, 8 July 2019