Mexico City Waiting on the Big One
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Mexico City is waiting for the next big Earthquake and if you will recall the 8.5 Earthquake in 1985 you can certainly understand why. Over 20,000 people had died there, some say it was white washed and many more perished during and after the big quake.
Mexico City is waiting for the next big Earthquake and if you will recall the 8.5 Earthquake in 1985 you can certainly understand why. Over 20,000 people had died there, some say it was white washed and many more perished during and after the big quake. Indeed most World Seismologist believe that Mexico City is in for another big quake and they say way over do; even more so than the San Francisco Bay Area.
What is Mexico City doing about it? Well they are floating a bond for 160 million for disaster clean up, rescue and relief. On top of that they have bought an insurance policy, which goes from the 160 million to 450 million from some re-insurers. The Bond is interesting and it is somewhat based on Taiwan’s natural disaster bonds. The Bond comes due in 3.5 years with interest, but if there is a large magnitude quake the investors lose their money, all of it, the bonds are revoked and the money used to help Earthquake Victims and rebuild the city.
What is all this costing the City of Mexico? Actually not much considering the severity of the potential eventuality only 23 million. But if you consider the clean up, mudslides from Hurricane Stan and Hurricane Beta plus the devastations to Cozemel and Cancun with Hurricane Wilma, Mexico paid out almost 1.3 Billion Dollars and they are still rebuilding as we approach the 2006 Atlantic Tropical Hurricane Season. So perhaps we should consider this in 2006.
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