Reinsurance News
earthquake reinsurance
Palomar secures additional $187.5m in earthquake excess-of-loss reinsurance
5th April 2023
California-headquartered specialty insurer Palomar Holdings has announced the successful placement of certain excess of loss (XOL) reinsurance treaties that support and provide incremental limit for its earthquake line of business. In total, Palomar has secured approximately $187.5 million of incremental XOL limit from a syndicated panel of long-term trading partners which ... Read the full article
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
World Bank cat bond & swap to provide $630m cover for Chile quakes
17th March 2023
The International Bank for Reconstruction and Development (IBRD), has priced a joint catastrophe bond and swap transaction that provides a total of $630 million of earthquake insurance coverage to the Government of Chile. The deal by the lending arm of the World Bank consists of $350 million of protection from the ... 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
Palomar completes select California earthquake reinsurance programs
4th January 2023
Palomar Holdings, a speciality California-headquartered insurer, has renewed some of its earthquake reinsurance programs covering California earthquake risk, buying incremental reinsurance limit as well, despite an “unquestionably” hard reinsurance market. The insurer said that it has renewed its California Commercial Earthquake quota share reinsurance program, increased the cession percentage, and secured ... 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
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
Swiss Re partners with Schadenorganisation Erdbeben on quake resilience
27th September 2022
Swiss Re is going into partnership with the organisation Schadenorganisation Erdbeben (SOE). The partnership will see the reinsurance giant work with SOE to develop needed IT infrastructure around earthquake resilience. The SOE is a public-private partnership of Switzerland's cantonal authorities, cantonal building insurers, and private insurers founded a year ago to ... Read the full article
New Zealand’s Earthquake Commission secures $7.2bn of reinsurance
10th June 2022
New Zealand’s Earthquake Commission (EQC) has secured a record level of reinsurance of $7.2bn on the international market, an increase of nearly $470m. Building on the successful renewal of the previous year, it means that EQC has grown its programme by $1.2bn over the past two years to support New Zealand ... 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 doubles EQC payout cap to $300k
6th October 2021
The Government of New Zealand has announced that it plans to double the pay out cap for residential buildings covered by the New Zealand Earthquake Commission (EQC) from NZ $150,000 to $300,000. According to David Clark, the Minister Responsible for the Earthquake Commission, the higher cap will help to keep private ... Read the full article
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