Argentina’s earthquake insurance firm, AXA, announced it would hit record highs this week, hitting $1.3 billion for insured policies.
The Argentine government said the company would sell 10 million policy for $1,000 each.
AXA said it expected the earthquake insurance market to be worth $2.2 trillion by the end of 2018.
The insurance firm also said the country’s total quake losses will reach $1 trillion by 2025.
“This year’s record earthquake is just the latest in a series of significant seismic events that have shaken the country,” said Argentine President Mauricio Macri in a statement.
“It’s been a very difficult year, with a large number of lives lost and countless people left homeless.
The government has made important efforts to prepare and build a stronger society.”
The market is expected to grow significantly in the coming years.
AXS said it expects the market to grow to $1 billion by 2025 and to reach $4 trillion by 2026.