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— This is the script of CNBC's news report for China's CCTV on September 20, Wednesday.
According to expert's geographical analysis, Mexico City is built on a dried-up former lakebed so its soil can amplify the effects of earthquakes centered hundreds of miles away.
Unfortunately for Mexico, the latest earthquake is the second one in the past two weeks. At the midnight of September 7, local time, an 8.1 magnitude earthquake has occurred off Mexico's southern coast, causing a tsunami. According to current figures, the previous earthquake brought over one hundred of deaths. With Mexico being hit with two earthquakes, what is worth mentioning is how September 19 has become a date of special significance. This is because 32 years ago, in 1985, an 8.1-magnitude strong earthquake in the Pacific Ocean hit the Southwest coast of Mexico. It killed more than 7,000 people, injured 11,000 and cost up to $ 1.1 billion in economic losses. Thus, September 19 was known as "the most tragic day of Mexico City".
And 32 years later, at almost the same time, two successive earthquakes hit Mexico again. And this tragedy will also result in economic losses. After the Mexican earthquake, the Mexican peso fell against the dollar. The country's stock exchange suspended trading. Fixed income, securities, metals, mutual funds, warrants and other transactions also suspended trading.
It is still unable to estimate just how much economic losses would be incurred during this earthquake. However, if we were to take reference from the 2014 Hurricane in Mexico which caused about 1.6 billion dollars in economic losses, this would mean that economic losses currently would go up billions of dollars. If the economic losses were to range from $100 million to $1 billion, it would affect up to 1% of Mexico's GDP.
However, due to history of earthquakes, Mexico has a relative mature earthquake insurance mechanism, which has, to a large extent, diffused and reduced the risks of loss after the disaster. One of the mechanisms is the earthquake insurance index which utilizes the magnitude of the earthquake to determine whether victims require insurance claims.
In addition, the Mexican Disaster Relief Fund can help rebuild public infrastructure.
CNBC's Qian Chen reporting from Singapore.