Just 15% of earthquake claims approved since 2010 – report

Oklahoma insurers paid an average of 15% of claims made in the aftermath of earthquakes from 2010 to 2016.

The average payout amounted to almost $4,000 based on an analysis of data from the Oklahoma Insurance Department.

A report in Tulsa World said that of the $211 million in coverage premiums collected, about $5 million was used to pay out on earthquake damage claims.

According to the publication, state insurance officials explained that policies are generally written “to protect against catastrophic losses, not minor damage…”

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Oklahoma experienced three strong earthquakes in 2016, the most severe of which was the 5.8 magnitude temblor that hit near Pawnee last September.

Almost 300,000 earthquake policies are written in the state.


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