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Event
On February 27, a massive earthquake struck off the coast of Chile, approximately 330 km to the southwest of its capital city, Santiago. The 8.8-magnitude earthquake, the fifth-largest ever recorded, was followed by a tsunami that generated wave measurements up to 2.5 meters near the epicenter, as well as more than 200 aftershocks.
Impact
Economic losses have been estimated by EQECAT at between US$15 billion and US$30 billion, or 10% to 20% of Gross Domestic Product, and insured losses at between US$3 billion and US$8 billion. Damage is widespread to residential, commercial and industrial properties, as well as to infrastructure (roads, ports, airports etc). There has been enormous damage to several industries such as fishing, wine, pulp and paper. Access to natural resources is limited, and a curfew has been imposed in several cities. Many businesses are stretched as they struggle with both operational and human concerns.
Marsh Response
During this difficult time for our local clients in Chile as well as multinational clients in North America, Europe and Asia, Marsh has activated a number of resources to help them assess the damage to their operations and begin the recovery process.
- Under the direction of our global, Latin American, and Chilean leadership, Marsh’s Santiago office was fully operational within 24 hours of the earthquake and has made additional resources available to support local clients.
- We have assembled a team of experts from our North American and International Claims practices and various Marsh Risk Consulting specialty practices to respond to our clients’ loss management needs, including but not limited to claims consulting, forensic accounting, and engineering.
- We have deployed colleagues from our Forensic Accounting and Claims Services Practice (FACS), fluent in Spanish, to assist clients in documenting and quantifying claims, securing advance payments from insurers, and resolving claim amounts in dispute.
- We are assisting our local and multinational clients in understanding loss management and claims recovery processes, including reviews of their insurance policy coverage application and structure.
- We are supplying consulting services to our clients, aiding them in disaster recovery, supply chain management and crisis communications.
- A secondary group of Marsh colleagues is standing by to travel to Chile as soon as conditions improve.
As the recovery and claims processes continue, Marsh will continue to deliver its local and international resources to clients that have been impacted by the Chilean earthquake. We are using the power of Marsh to work with insurers and adjusters to help ensure that our clients receive the best service and are provided with swift payments to begin reinstatement work.
Should you need assistance from Marsh, please contact your dedicated client executive or anyone listed below.
Contacts
Peter Foley
CEO Chile
+562 450 5859 (office)
+56 99 824 3825 (cellular)
Mario Claro
Chile Risk Management Leader
+562 450 5825 (office)
+56 99 479 1116 (cellular)
Gonzalo Escudero
Chilean Claims Manager
+562 450 58 53 (office)
+56 99 874 98 28 (cellular)
David Pigot
International Claims Leader
+011 44 27 357 5738 (office)
+011 44 77 952 38419 (cellular)
Rodrigo Fajardo
Latin American and Caribbean Claims Leader
+305 341 5097 (office)
+305 323 5306 (cellular)
Ken Giambagno
Global FACS Leader
+1 212 345 1063 (office)
+1 201 412 4133 (cellular)
John McGuire
Forensic Accounting and Claims Services
+1 713 276 8454 (office)
+1 713 417 2715 (cellular)
Paul McVey
U.S. Property Claims Leader
+1 212 345 3928 (office)
+1 917 743 3352 (cellular)
Robert O'Brien
U.S. Catastrophic Claims
+1 202 263 7863 (office)
+1 202 615 0543 (cellular)
Information about our business continuity, supply chain, crisis management, natural hazards, and property specialties can be found in the related information column. Inquiries can also be sent to .
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Related Information
Service: Post-Loss Damage Assessment and Business Recovery Management
Vist Marsh's Emergency/Disaster Recovery Web site
Marsh Responds to Earthquake in Chile (March 1, 2010)
CAT-i bulletin (March 5, 2010)
CAT-i bulletin (March 2, 2010)
CAT-i bulletin (March 1, 2010)
CAT Topics: Tsunami
Guy Carpenter's CAT Central
Service: Post-Loss Damage Assessment and Business Recovery Management
Risk Issue: Supply Chain Management
Risk Issue: Business Continuity Management
Risk Issue: Crisis Management
Risk Issue: Natural Hazards
Risk Issue: Property
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