Risk Management Solutions recently published a paper analysing the 1908 Tunguska asteroid event which hit Central Siberia in Russia and looking at scenarios to determine what might happen should a similar event occur today. If a similar event happened above Manhattan today it could cause over a trillion dollars in property losses and around 3.2m deaths.
The Tunguska event wasn’t even a direct hit on the surface of the earth, rather it exploded 6 miles or so up in the atmosphere. This flattened 700 miles or more square.
The thought of such an event occuring again now is not a nice one. No matter where on the earth it occurred it would have a devastating impact, cause huge loss of life and cause much property damage. Could the reinsurance industry survive such an event? Would they even cover it? Some interesting reading for a Thursday morning, see the full paper here (in PDF format).
View all of our Artemis Live video interviews and subscribe to our podcast.
All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.
Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.
