Specialty property insurer Palomar Holdings has outlined its exposure to the magnitude 5.7 earthquake that struck Magna, Utah and the greater Salt Lake City metropolitan area on March 18th.
The quake was the fifth largest in Utah recorded history and the largest to hit the state since 1992.
It was quickly followed by multiple aftershocks, ranging from 2.5 to 3.9 magnitude.
The cities of Magna and West Valley City – located on the outskirts of Salt Lake City – are thought to have experienced the strongest shaking.
Palomar believes that its exposure to the quake consists of a total of 974 insured locations in the surrounding area.
This includes 117 earthquake insured locations within a five-mile radius of the epicentre, 271 earthquake insured locations within a seven-and-a-half-mile radius of the epicentre, and 586 earthquake insured locations within a ten-mile radius of the epicentre.
Additionally, Palomar has assessed its exposures based on the Modified Mercalli (MM) Intensity Scale (MMI) used by the USGS to determine intensity levels at the Earth’s surface.
On this basis, 53 of Palomar’s earthquake insured locations were MMI VII (Very Strong), and 839 were MMI VI (Strong). All other earthquake insured locations were MMI V (Moderate) or less.
“Our thoughts are with all of those impacted by yesterday’s earthquake in Utah” Palomar CEO, Mac Armstrong, stated.
“Palomar is ready to support its policyholders impacted by the events,” he added. “While the earthquake was significant, the largest in recent history in Utah, we are confident that losses from the earthquake will be well confined within our reinsurance program if not our own retention.”
