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Earthquake insurance coverage helping recovery efforts in Chile

Posted On Fri, March 5, 2010

While it is known that good insurance coverage can help people to rebound from a catastrophic incident, an example of just how helpful it can be is currently being seen in Chile following the earthquake that hit it last month.

According to the Insurance Information Institute, the highly developed insurance market that has been developed in Chile in the last 50 years has led to an abundance in options regarding earthquake insurance coverage, which is often tacked onto standard fire policies.

"In addition to a number of Chilean insurers, many large international insurers and re-insurers - mainly American and European - compete for business in that country, and will provide the financial resources for Chile’s reconstruction," said Robert P. Hartwig, the institute's president and an economist. "This is very different from Haiti, which has virtually no private insurance market."

He added that the money spent by insurers to help rebuild Chile, a figure that will likely reach into the billions of dollars, will also help to stabilize the country's economy.

"Insurance is the swiftest, most efficient means to affect recovery after catastrophic events," he said.

The organized recovery efforts in Chile caused by the abundance of insurance policies should serve as a reminded to consumers who live in earthquake-prone areas that taking out appropriate home insurance policies could serve to make a recovery process much simpler.

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