Reinsurance News
earthquake insurance
Swiss Re partners with Falls Lake & Arrowhead on parametric quake solution
11th March 2019
Global reinsurance giant Swiss Re has partnered with primary insurer Falls Lake and managing general agent Arrowhead for the launch of Quake Assist, a parametric insurance solution providing Business Interruption (BI) cover within California, even if no damage occurs to the insured’s building. “What makes this product unique is the fact ... Read the full article
Re/insurers anticipating moderate losses from Alaska earthquake
3rd December 2018
Re/insurers are anticipating moderate losses to result from the magnitude 7.0 earthquake that hit the city of Anchorage in Alaska on Friday morning. The earthquake, which struck around 12km north of Anchorage, has caused widespread disruption and damage to infrastructure, affecting thousands of structures and destroying many roads. However, there have been ... Read the full article
Parametric InsurTech Jumpstart launches with text-powered earthquake coverage
3rd October 2018
Jumpstart, a California-based InsurTech start-up, has officially launched with a new type of natural disaster insurance product that provides parametric coverage and text message driven payments for earthquake risks. The company uses technology to track real-time data and provide automatic payments initiated by text message following an earthquake of pre-specified intensity, ... Read the full article
China Re launches new earthquake catastrophe model
25th May 2018
State-backed reinsurer China Re Group has launched a new earthquake catastrophe model with independent intellectual property rights to improve the accuracy of earthquake loss assessment in China’s re/insurance industry. The new model was developed in collaboration with state-level scientific research institutions and factors in China’s unique geological structure, seismic activity characteristics, ... Read the full article
RMS develops new risk model for Japanese Earthquakes and Tsunamis
3rd May 2018
Risk modelling and analytics firm RMS has developed a new high definition risk model for Japanese Earthquakes and Tsunamis in collaboration with local experts, scientific agencies, and re/insurers. RMS's Japan Earthquake and Tsunami High Definition (HD) model leverages detailed damage statistics and claims data from recent events, and considers research from ... Read the full article
Hayward quake scenario warns of $170bn damages to San Francisco area
23rd April 2018
Property analytics company CoreLogic has assessed the financial implications of the HayWired earthquake scenario, a study that modelled the impact of a hypothetical magnitude 7.0 earthquake along the Hayward fault, finding that property damage could total US $170 billion – most of which would be uninsured. The Haywired scenario calculated the ... Read the full article
Palomar Specialty expands Flex Choice earthquake cover to Mississippi & South Carolina
15th February 2018
Palomar Specialty Insurance has announced the expansion of its Flex Choice residential earthquake insurance product into Mississippi and South Carolina from its current offer in Arkansas, Illinois, Indiana, Kentucky, Missouri Tennessee and Utah. Flex Choice allows consumers to tailor make residential earthquake coverage to meet their specific needs. The bespoke earthquake cover offers homeowners ... Read the full article
ERN International puts Mexico quake insured loss at $4.8 billion, RMS & AIR’s much lower
25th September 2017
Mexico's Evaluacion de Riesgos Naturales (ERN International) has provided an insured loss estimate of up to $4.8 billion for the Magnitude 7.1 earthquake that struck central Mexico on September 19th, 2017, while AIR Worldwide and RMS have both produced a lower insurance industry loss estimate for the event. ERN International is ... Read the full article
New Zealand brokers warn of rising premiums as fire & EQC taxes increase
22nd September 2017
Insurance brokers in New Zealand have warned that the cost of insuring some buildings could be about to increase by up to 50% as a result of higher earthquake commission (EQC) and fire service taxes, and the changing marketplace caused by recent earthquakes. According to reports from the country, regions that were hit ... Read the full article
AIR puts Mexico M8.1 earthquake insured loss at over $1 billion
20th September 2017
Global catastrophe risk modeller, AIR Worldwide, has provided an insurance industry loss estimate from the impacts of the Magnitude 8.1 earthquake that struck off the coast of the Mexican state of Chiapas, of between MXN14 billion (US$790 million) and MXN20 billion (US$1.13 billion). The quake, of which the epicentre struck on ... Read the full article
Kaikoura earthquake claims costs over NZ $2 billion
18th September 2017
The total value of insurance claims for the November Kaikōura earthquake as at 31 August 2017 is over $2 billion; the majority of losses are from $1.48 billion in commercial claims, while residential claims amount to nearly $0.55 billion, according the Insurance Council of New Zealand. Private insurers have received nearly ... Read the full article
Japanese insurers to raise quake premiums in some regions by up to 50%
1st September 2017
Japanese insurance firms are reassessing earthquake risks by region, which is expected to result in premiums rising by as much as 50% in some areas, according to reports. Japan's earthquake risks is well documented and in response to the country's vulnerability to earthquake events, insurers in the region are expected to raise ... Read the full article
Reports of extensive damage from Greece & Turkey earthquake: AIR Worldwide
24th July 2017
Risk modelling firm AIR Worldwide said that extensive damage has been reported from an M6.7 earthquake that struck 10.3 km south-southeast of Bodrum, Turkey, in the Aegean Sea on 20th July 2017, with damage seen in the area of Bodrum, Turkey, and the Greek island of Kos. Both areas affected are ... Read the full article
CATRisk launches Lloyd’s sponsored Middle East earthquake risk model
20th June 2017
CATRisk Solutions has released a new Lloyd's sponsored earthquake risk model, which offers bespoke solutions for risk assessment in the Middle Eastern region - where according to the model, nearly one fifth of the population live in areas at risk of earthquakes. The new risk tool, which has been released on the Oasis ... Read the full article
AIR Worldwide releases updated U.S. earthquake model
19th June 2017
Catastrophe risk modeling firm AIR Worldwide today announced the release of an updated U.S. earthquake model that includes additional subperils of tsunami and landslide and an enhanced seismicity module to capture impact of human activity on earthquake frequency. AIR said the new model has updated its existing sub-perils; fire following, liquefaction, ... Read the full article
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