Reinsurance News
earthquake insurance
Risksmith Insurance launches DIC earthquake offering for property risks
29th December 2025
Risksmith Insurance Services, a specialty managing general underwriter (MGU) focused on providing insurance solutions for complex excess and surplus (E&S) risks, has launched an earthquake programme offering flexibility, deep technical expertise, and underwriting appetite for hard-to-place property risks. Risksmith’s new Difference in Conditions (DIC) Earthquake insurance program caters to risks that ... Read the full article
HDI Global SE and Descartes Underwriting approved to offer parametric earthquake insurance in Japan
14th July 2025
HDI Global SE’s Japan branch, part of Germany-based insurer Talanx AG, has been approved by the Japanese Financial Services Agency to introduce a parametric earthquake insurance product to the Japanese market. To create this product, HDI Global worked with Descartes Underwriting SA (headquartered in Paris, France), a provider of parametric insurance ... Read the full article
Thai insurance claims from March earthquake could reach $1.53bn
7th July 2025
According to the Thai General Insurance Association (TGIA), insurance claims stemming from the earthquake that struck Myanmar and impacted Thailand in March could total up to 50 billion baht (approximately $1.53 billion), with an estimated 150,000 claims. TGIA President Somporn Suebthawilkul noted that with the claims process expected to continue through ... Read the full article
Deadly earthquake strikes Myanmar, triggering widespread devastation
28th March 2025
A powerful 7.7 magnitude earthquake has struck Myanmar, causing widespread devastation, triggering tremors as far as Bangkok, Thailand, leading to building collapses, significant loss of life, and prompting Myanmar to declare a state of emergency. Myanmar's state media has reported that buildings have collapsed in at least five cities and towns. ... Read the full article
Vanuatu receives $1.2m payout from PCRIC following December earthquake
21st January 2025
The government of Vanuatu has received its first payout of $1.2 million from the Pacific Catastrophe Risk Insurance Company (PCRIC) following the earthquake impacting Port Vila on December 17th, 2024. The specialised disaster risk policy, which became effective on November 1st, 2024, was designed in close consultation with senior government representatives ... Read the full article
CEA weighs second-event funding for major earthquake scenario
16th January 2025
The California Earthquake Authority (CEA) is reportedly evaluating the necessity of establishing a second-event funding tower to ensure its operational capacity is maintained following a potential major earthquake. As Reinsurance News understands, the CEA Advisory Board has been deliberating on the potential need for backup financing and coverage, considering the possibility ... Read the full article
Claims paid for New Year’s Day Japan earthquake rise to $492m: GIAJ
23rd April 2024
The General Insurance Association of Japan (GIAJ) has released new insurance claims data for the January 1st M7.5 earthquake that hit near the Noto Peninsula in Ishikawa prefecture, revealing that the claims paid total has risen by around 22% in a few weeks to approximately $492 million (JPY 74.44 billion). Read the full article
Taiwan quake not expected to be a capital event for non-life industry: AM Best
10th April 2024
As per a new report from AM Best, after a benign natural catastrophe year in 2023, the magnitude 7.2 earthquake that struck Taiwan is not expected to add significant claims and lead to a capital event for the Taiwan non-life industry. The recent earthquake is still the island’s largest in ... Read the full article
Taiwan’s strongest earthquake in 25 years could drive meaningful loss for local insurance industry
3rd April 2024
A 7.2 magnitude earthquake struck 18km south of Taiwan's Hualien city at 8am local time today, driving the strongest tremors to have hit the country in the last 25 years, and given the region's relatively high levels of insurance penetration it could be a meaningful loss for the local insurance ... Read the full article
New Year’s Day Japan earthquake claims paid approach $415m: GIAJ
22nd March 2024
As of March 8th, 2024, the General Insurance Association of Japan (GIAJ) reports that more than JPY 61 billion (USD 414m as of March 8th or USD 403m at today's exchange rate) in payments from over 67,000 claims from the New Year's Day Noto Peninsula earthquake have been made. The M7.5 ... Read the full article
Moody’s RMS puts Japan earthquake insured loss at $3bn – $6bn
12th January 2024
Catastrophe risk modeller Moody's RMS estimates that the total insurance industry loss from the magnitude 7.5 earthquake that struck Japan on New Year's Day will likely fall between $3 billion and $6 billion. This estimate from Moody's RMS is based on analysis of the devastating quake using the risk modellers Japan ... Read the full article
Japan quake to have “no major impact” on non-life insurers’ earnings: Fitch
10th January 2024
Fitch Ratings has disclosed that insured losses from the earthquake that struck the Ishikawa prefecture on the Noto Peninsula, Japan, on 1 January 2024 are "likely to be small", with "no major impact" on Japanese non-life insurers’ earnings. Writing in a report on the matter, Fitch said that underwriting risks from ... Read the full article
Upward price pressure possible at April renewals following Japan quake: AM Best
5th January 2024
If losses from the recent earthquake that struck the west coast of Japan on January 1 were to hit individual companies’ earthquake reinsurance excess-of-loss layers, it could fuel rate increases in the upcoming 1 April reinsurance renewal, says AM Best. In a report on the matter, the rating agency noted that ... Read the full article
Industry-backed solutions to support Morocco’s earthquake relief: AM Best
20th September 2023
AM Best has noted that industry-backed solutions are likely to support Morocco's earthquake relief despite low insurance penetration in the country. Outlining the key aspects of the event, AM Best noted that the earthquake that occurred on September 8 (magnitude of 6.8) struck the Marrakesh-Safi region in Morocco, with an epicentre ... Read the full article
PERILS raises insured loss estimate for Turkey quakes to $4.4bn
5th May 2023
Catastrophe loss data aggregator PERILS AG has raised its estimate for insurance industry losses from February’s Kahramanmaras Earthquake Sequence in Turkey to TRY 86.4 billion (USD 4.4 billion). The updated figure represents a significant increase on PERILS’ initial insured loss estimate of TRY 65.4 billion (USD 3.5 billion), which was ... Read the full article
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