Reinsurance News
earthquake insurance
Turkish Catastrophe Insurance Pool pays $340.4mn to earthquake victims
29th March 2023
The Turkish Catastrophe Insurance Pool (TCIP) has paid $340.36 million (TRY 6.5 billion) in claim payments so far for the victims related to the recent earthquakes that struck Turkey last month. On February 6, 2023, a powerful Mw 7.8 magnitude earthquake struck south-central Turkey near the Syrian border. The quake produced ... Read the full article
Earthquakes to drive insured losses of $2.4 billion in Turkey, says KCC
16th February 2023
Total property insurance and reinsurance industry losses from the dual Kahramanmaras, Turkey earthquakes are estimated at $2.4 billion, with economic losses pegged at close to $20 billion, according to Karen Clark & Company (KCC). These estimates do not include losses within Syria, and are based on the KCC Turkey Earthquake Reference ... Read the full article
TCIP made claims payments within 24 hours of quake, notified reinsurers: Türk Reasürans CEO
14th February 2023
Selva Eren, CEO of Türk Reasürans AŞ, which carries out the technical operations of the Turkish Catastrophe Insurance Pool (TCIP), has disclosed that claims payments were made within 24 hours of the devastating earthquake that recently struck the country. On February 6, 2023, an earthquake with a magnitude of 7.7 occurred ... Read the full article
Reinsurers expected to absorb majority of Turkey quakes losses: Fitch
9th February 2023
According to Fitch Ratings, reinsurers are expected to absorb the majority of the recent Turkey / Syria earthquake losses, although the amount will be insignificant given how low insurance penetration is in the regions. On February 6, 2023, two powerful earthquakes of more than 7.5 magnitude struck near the south-eastern ... Read the full article
High portion of Turkey’s earthquake losses to be covered by insurance
9th February 2023
A relatively high portion of losses caused by the earthquake that shook Turkey on February 6 are expected to be covered by insurance, according to Aon. This is given penetration rates resulting from compulsory earthquake insurance - offered to the public via the Turkish Natural Catastrophe Insurance Pool (TCIP), which is ... Read the full article
Impact of Turkey quakes adds to challenging environment for re/insurers: AM Best
8th February 2023
A new report from AM Best has highlighted how the impact of the two earthquakes in south-eastern Turkey, adds to what is already a “challenging operating environment” for re/insurers within the country. On February 6, 2023, two powerful earthquakes of more than 7.5 magnitude struck near the south-eastern Turkish cities of ... Read the full article
Turkey earthquakes could result in $1bn+ loss
6th February 2023
Thousands of buildings have been destroyed and over 1,000 deaths have been recorded in Turkey and Syria following two powerful earthquakes, which could result in more than US $1 billion of losses, according to the US Geological Survey (USGS). The first quake was recorded at magnitude 7.8 on the Richter scale ... Read the full article
California earthquake to cause $600m of economic loss in Humboldt County: RMSI
28th December 2022
According to global GIS and geospatial technology company, RMSI, a 6.4 magnitude earthquake that jolted the northern coast of California near Ferndale on 20 December is set to cause $600 million of economic loss in Humboldt County. RMSI states that the earthquake occurred in the vicinity of the Mendocino triple junction, ... Read the full article
Aon joins Global Earthquake Model Foundation
12th December 2022
Professional services firm Aon has joined the Global Earthquake Model (GEM) Foundation. The firm said it was joining the non-profit public-private partnership that develops and distributes models and data for a transparent assessment of earthquake risk worldwide as governor sponsor. Comprising public, private, academic, and non-government organizations, GEM delivers state-of-the-art earthquake risk ... Read the full article
CelsiusPro partners with Global Earthquake Model Foundation
28th November 2022
Swiss InsurTech CelsiusPro has announced it has partnered with Global Earthquake Model (GEM) Foundation to enhance earthquake modelling capabilities and products. Based on GEM models, CelsiusPro will generate stochastic long-term earthquake catalogues and corresponding shake maps for different ground motion parameters. Dr Alireza Khodaverdian, Earthquake Risk Specialist at CelsiusPro, explained that the ... Read the full article
Insurers expect minimal losses from Mexico’s September earthquakes
30th September 2022
Ratings agency AM Best does not expect claims activity to increase significantly owing to the recent earthquakes that hit Mexico in September, as few minor damages have been reported and are unlikely to result in large insurance losses. The 7.7° magnitude shake on September 19 and one 6.9° on September 22 ... Read the full article
Motus and Beazley team up for earthquake insurance
2nd March 2022
Broker firm Motus Insurance Services has added Beazley to provide an ‘elective earthquake program’ for residential and commercial associations. The program, according to a press release, is designed to bring all the benefits of a traditional master earthquake insurance policy to the more than 30,000 associations and 2.2m condo owners not ... Read the full article
New Zealand’s Earthquake Commission to use new loss modelling platform
27th January 2022
New Zealand's Earthquake Commission (EQC) expects its new loss modelling capability will boost its ability to plan for future natural disasters and respond to them when they occur. Along with two of the country's other research institutions, EQC is now using GNS Science and NIWA’s risk tool to model damage and ... Read the full article
Insured Haiti quake loss estimated at $250mn by KCC
17th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from the M7.2 earthquake that hit Haiti last week will be around $250 million. However, with insurable, or economic, losses estimated at around $1.7 billion, only around 14.7% of the overall cost of the quake will be covered ... Read the full article
Protection gap emerging as earthquake insurance declines in Missouri
20th July 2021
The Missouri Department of Commerce and Insurance (DCI) has issued a new Earthquake Insurance Market Report that shows earthquake coverage in the highest risk areas of the New Madrid fault area of the state have hit historic lows. In the six-county New Madrid region of the state, the percentage of residences ... Read the full article
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