Reinsurance News
earthquake insurance
Swiss Re backs parametric quake product by Cover Genius & QuickBooks
23rd October 2020
Insurtech firm Cover Genius has teamed up with Intuit to offer a new parametric earthquake policy, which is backed by capacity from Swiss Re and underwritten by Palomar Excess and Surplus Insurance Company. Cover Genius intends to offer a range of insurance products to customers using QuickBooks, an accounting software package ... Read the full article
Munich Re backs EQ One’s earthquake solutions
21st October 2020
Earthquake insurance underwriter, EQ One, has announced a new relationship with Munich Re Specialty Insurance, a division of Munich Re, to add additional capacity to its earthquake solutions. This new partnership enables EQ One to write larger earthquake risks and serve as a single-source solution for broker partners nationwide, in spite ... Read the full article
Palomar details Salt Lake City quake exposure
20th March 2020
Specialty property insurer Palomar Holdings has outlined its exposure to the magnitude 5.7 earthquake that struck Magna, Utah and the greater Salt Lake City metropolitan area on March 18th. The quake was the fifth largest in Utah recorded history and the largest to hit the state since 1992. It was quickly ... Read the full article
Magnitude 5.7 earthquake hits Salt Lake City
18th March 2020
A magnitude 5.7 earthquake shook parts of Utah earlier today, including the state capital of Salt Lake City, where significant damage is already being reported. The quake was the largest to hit the state since 1992, and was quickly followed by multiple aftershocks, ranging from 2.5 to 3.9 magnitude. The cities of ... Read the full article
Ridgecrest quakes drive surge in insurance buying, reports CEA
29th August 2019
The California Earthquake Authority (CEA) saw a surge in the number of earthquake insurance policies bought in July, which it believes was driven by the magnitude 6.4 and 7.1 quakes that impacted the town of Ridgecrest and the surrounding region last month. The CEA gained 23,861 earthquake insurance policies in ... Read the full article
China Re launches nation’s first commercial earthquake cat model
27th August 2019
China Reinsurance Corporation (China Re) has launched a new proprietary commercial earthquake catastrophe model for China, which aims to benefit the country’s re/insurance sector through improved costs and accuracy. China Earthquake Catastrophe Model v2.0, which has been certified by the Seismological Society of China, is also expected to fundamentally change the ... Read the full article
False earthquake policy info prompts California regulators to notify insurers
12th July 2019
California Insurance Commissioner Ricardo Lara and the California Earthquake Authority (CEA) are to send a notice to re/insurers following reports that some companies may be declining to write earthquake policies in the state. Kern County in southern California was struck by a magnitude 6.4 earthquake on July 4, followed by a ... Read the full article
Uptake of earthquake insurance falls in New Madrid fault zone
11th July 2019
Earthquake insurance coverage in the highest risk areas of Missouri has dropped to just under 14%, raising questions of the state’s insurance market and its readiness to recover from a high magnitude quake, according to a report from The Missouri Department of Insurance The New Madrid area of Missouri experienced a ... Read the full article
Palomar says California quake losses well below reinsurance threshold
8th July 2019
Specialty property insurance company, Palomar Holdings, Inc., has revealed that it faces some exposure to the earthquakes in California last week, but said that losses would be well below the threshold needed to trigger its reinsurance program. Kern County in southern California was struck by a magnitude 6.4 earthquake on ... Read the full article
Cali quake losses expected to be insignificant, damage less than initially feared
8th July 2019
Analysts at Credit Suisse expect the insurance industry loss from the recent earthquakes that struck Southern California to be less than $500 million, with emergency officials reportedly stating that the damage is less considerable than initially feared. The Ridgecrest City area of the state was hit by a magnitude 6.4 quake ... Read the full article
Strongest earthquake in 20 years hits southern California
5th July 2019
California experienced its strongest earthquake in two decades on Thursday after a magnitude 6.4 quake struck near the town of Ridgecrest in Kern County. There are reports of “significant damage” to the city, which is home to nearly 30,000 people, with cracked roads, felled power lines, and broken walls and windows ... Read the full article
AIR Worldwide updates earthquake risk model for New Zealand
21st June 2019
AIR Worldwide, the catastrophe risk modelling firm owned by Verisk, has announced the release of its updated Earthquake Model for New Zealand, which incorporates the latest scientific research from the 2010-11 Canterbury and 2016 Kaikoura quakes. The model also factors in research from other earthquakes around the world, and captures the ... Read the full article
Genstar partners with Atlas on DIC program for earthquake & flood
20th June 2019
Genstar, a subsidiary of General Reinsurance Corporation and member of the Berkshire Hathaway family, has partnered with Atlas General Insurance Services on the launch of a new Difference in Conditions (DIC) program. The program will be administered by Atlas, and include coverage for earthquake, earthquake sprinkler leakage, and flood. “GenStar is excited ... Read the full article
New Zealand’s Earthquake Commission increases reinsurance cover to $6.2bn
4th June 2019
The Earthquake Commission (EQC) of New Zealand has increased its reinsurance coverage at the June 1 renewals, securing NZ $6.2 billion (US $4.1 billion) of protection for the next 12 months, according to reports from Stuff. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. Last year, the ... Read the full article
A.M. Best expects minimal insured losses from Peru earthquake
30th May 2019
The recent magnitude 8.0 earthquake that struck Peru and parts of Ecuador last week is expected to have only a minimal impact on the domestic insurance markets in the region, according to A.M. Best. In Peru, the event reportedly caused damage to housing infrastructure and schools, as well as disruptions in ... Read the full article
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