In 2010, an 8.8 magnitude quake and subsequent tsunami in Chile killed more than 500 people and caused some $30 billion in damage, wrecking hundreds of thousands of homes and mangling highways and bridges.
The southern Chilean city of Valdivia was struck in 1960 by a 9.5 magnitude earthquake, the most intense on record, which caused over 1,600 deaths. The South American nation is located in the so-called Pacific Ring of Fire, an area characterized by frequent earthquakes and active volcanoes. The insurance will cost 4.75% of the total value of the insurance each year, the finance ministry said in a statement.
SANTIAGO, March 17 (Reuters) - Chile has agreed to an earthquake insurance program with the World Bank protecting it from $630 million worth of damage from strong earthquakes, in an effort to shore up risks to public debt from possible natural disasters.
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