Market Rasen quake costs could hit £30m

The earthquake that struck Market Rasen in Lincolnshire yesterday is likely to cause insured losses of between £15m and £30m, according to initial estimates by Risk Management Solutions (RMS).

Despite the location of the earthquake’s epicentre, most of the damage was sustained 18 miles away in Gainsborough, where residential and commercial properties were affected.

The concentration of damage in the southern area of the town is likely to be a result of poor soil conditions, which are known to amplify the impact of earthquakes and weaknesses in the buildings.

The magnitude 5.2 earthquake could be felt across a wide radius, but created relatively low-level ground motions.

“The damage