Deadly earthquake strikes Myanmar, triggering widespread devastation

A powerful 7.7 magnitude earthquake has struck Myanmar, causing widespread devastation, triggering tremors as far as Bangkok, Thailand, leading to building collapses, significant loss of life, and prompting Myanmar to declare a state of emergency.

Source: USGS

Myanmar’s state media has reported that buildings have collapsed in at least five cities and towns. Two bridges and an expressway have also suffered significant damage. Additionally, Myanmar National Airlines has canceled some flights.

The Red Cross’s international programme coordinator has certified this, noting that public infrastructure, including roads, bridges and public buildings, has been damaged.

In the wake of the disaster, Myanmar has declared a state of emergency, mobilising rescue teams to assist those affected.

Meanwhile, emergency services in Bangkok, Thailand, hundreds of miles away from the epicentre, are also working to locate the missing and provide aid to those injured in the collapse.

The Thai deputy prime minister has stated that rescuers are working to free 81 people still trapped in the rubble of a collapsed high-rise in the capital.

It is still too early to determine the exact number of fatalities, but thousands are feared dead. Human Rights Watch has called on Myanmar’s military junta to allow humanitarian aid access to help alleviate the crisis.

The economic impact of the earthquake is expected to be severe, with a significant gap between total economic losses and insured damages.

Given that the worst-affected areas are in Myanmar, where insurance coverage is relatively low, much of the financial burden will likely fall on individuals, businesses, and the government.

Reinsurance News believes this protection gap may hinder recovery efforts, exacerbating the humanitarian crisis and slowing the rebuilding of critical infrastructure.

Authorities are assessing the full extent of the damage as aftershocks remain a concern. The international community is closely monitoring the situation, and it remains a developing story, with more updates expected.

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