With the rapid increase in urban development and in population, habitable areas that are not already densely populated are oh the decline. For example, whereas in 1950, there were only 7 urban areas ih the world with more than 5m ihhabi-tants, this number rose to 34 in 1980 and is expected to rise fur-ther to 60 by the year 2000 (Mehta and Motiero, 1993). This, coupled with the increasing importance of corporate insurance and risk management, has led to heightened awareness of the importance of earthquake risk assessment and management of the disastrous effects of this natural hazard. An example in support of the latter conclusion may be drawn from the earthquake of Kobe (17 January 1995) where more than 6 000 of the inhabitants of this major port City lost their lives, and the immediate financial loss was estimated at US
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