The global insurance industry has gathered in San Francisco to take part in the 100th Anniversary Earthquake Conference – the largest earthquake conference ever held.

The 1906 disaster was one of the worst catastrophes in US history and caused $US24 million ($32 million) in direct quake losses and $US500 million ($676 million) in fire losses.

Since then 35 more major earthquakes have claimed the lives of more than 1.4 million people, but scientists are predicting a similar size earthquake could soon hit San Francisco’s Bay Area.

Earthquake experts, members of the industry and policymakers are gathering to examine the likelihood of a San Francisco-size earthquake hitting again, and ways the Californian city can prepare itself.

Chairman of the 100th Anniversary Earthquake Conference Chris Poland says collaborating with individuals from different disciplines “will help raise new questions as to how the Bay Area can be better prepared for the next Big One”.

And how the insurance industry might be able to pay for it. Speakers include Munich Re’s Head of Geophysical and Hydrological Risks, Anselm Smolka, who will compare the 1906 event with Hurricane Katrina.