What the Venezuela Earthquake Reminds Us About How We Protect Ourselves

Have you seen the images from the Venezuela earthquake and thought, "that could never happen here"? It's an understandable reaction. But the truth is that on the Costa del Sol, as across the whole of Spain, we know what it feels like when the ground shakes.

On 24 June, two earthquakes measuring 7.2 and 7.5 in magnitude struck Venezuela within minutes of each other. Thousands killed or missing. Buildings reduced to rubble. Entire cities left in shock. Images that are deeply distressing and that, inevitably, make us stop and think.

Spain Has Experienced It Too

On 11 May 2011, a magnitude 5.1 earthquake devastated Lorca. Nine people lost their lives, more than 300 were injured, and thousands of homes were damaged. It wasn't Venezuela — it was Murcia. And it could have happened anywhere.

The difference between that disaster and what occurred in Venezuela lies not only in the magnitude. It lies in what happens afterwards.

The Safety Net Almost Nobody Knows About: the Consorcio de Compensación de Seguros

Spain has something almost unique in the world: the Consorcio de Compensación de Seguros (CCS). This is a public body that covers what are known as extraordinary risks — that is, catastrophes that no ordinary insurer would be able to bear alone: earthquakes, floods, volcanic eruptions, terrorism...

And the best part is that it operates almost invisibly. A small surcharge is included in nearly every insurance policy we take out, and this is what funds the collective protection system.

Does it actually work? Yes. Following the Lorca earthquake, the CCS handled around 31,000 claims and paid out €495 million to help rebuild homes, businesses and replace vehicles. Following the DANA flooding in Valencia in October 2024, it has processed more than 251,000 claims and paid out over €4.433 billion. This is not theory. It is a real mechanism that springs into action when everything else fails.

But There Is One Condition You Cannot Ignore

The Consorcio only covers you if you have a valid insurance policy in place. Without insurance, there is no Consorcio. It really is that simple — and that important.

If your property in Marbella or on the Costa del Sol does not have an active home insurance policy when a catastrophe occurs, this mechanism cannot help you. The system exists, but there has to be a point of entry.

What Exactly Does the Consorcio Cover?

It covers damage to homes, businesses, vehicles and industrial premises caused by natural phenomena or widespread violent events. However, bear in mind that it only steps in if your own insurance does not cover that specific risk, or if the catastrophe exceeds what an insurer can reasonably absorb.

This is precisely why it is so important that your home insurance policy is properly set up and kept up to date. It is not simply a matter of covering a water leak or a burglary. It is about being within the system when you truly need it.

We Cannot Close Without Thinking of Venezuela

At Segurmar, we wish to extend our heartfelt condolences to all the families who have lost loved ones in this earthquake. And we send our warmest thoughts and encouragement to those who are today trying to rebuild their lives from the rubble. We hope that international aid reaches them swiftly.

Their images remind us that protecting ourselves is not scaremongering. It is common sense.