Quake model’s seismic shift may affect loss estimates
An update to Australia’s earthquake hazard model has more than halved both the number and annual rate of damaging events the country’s east is thought to suffer, and may lead to a significant reduction in insurance loss estimates.
Geoscience Australia’s seismic model update – including changes to magnitude measurements – counts 50% fewer earthquakes on the east coast above magnitude 4.5 or 5 since 1900, according to catastrophe modeller Risk Frontiers.
The revision means a greater number of small and moderate quakes have been recorded.
Nationwide, the largest modelling reductions have occurred in Perth and the fewest in Darwin, Risk Frontiers says.