Reinsurance News
earthquake reinsurance
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
New Zealand’s EQC says hazard data key to reinsurance confidence
18th June 2021
New Zealand’s Earthquake Commission (EQC) has said that ongoing investment in natural hazard science, including the geological hazard monitoring service GeoNet, is key to maintaining the confidence of international reinsurance markets in providing coverage for the country. Fraser Gardiner, Chief Financial Officer at the EQC, noted that the GeoNet platform not ... Read the full article
Japan’s earthquake protection gap estimated at $25bn by Swiss Re
11th March 2021
Swiss Re has estimated that the insurance protection gap for earthquake risk in Japan remains extremely high at $25 billion despite significant risk mitigation efforts and cultural preparedness. According to Swiss Re, underinsurance of seismic risk makes up the majority of Japan’s natural catastrophe protection gap, which is the second highest ... Read the full article
Turker Re enters alternative capital market with Turkey quake product
3rd December 2020
Lloyd’s broker Turker Re has set up a new Capital Solutions unit to tap into the alternative capital market, starting with a new industry loss warranty (ILW) product for earthquake risk in Turkey. Using its established presence in the Turkish marketplace, Turker Re is hoping to take a lead role in ... Read the full article
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
Nasdaq adds Global Earthquake Model to risk modelling service
2nd July 2020
The Global Earthquake Model (GEM), a non-profit, public-private partnership for earthquake risk information, has become the latest catastrophe risk model provider to offer its range of models via the Nasdaq Risk Modelling service. GEM serves the public and private sectors in a global collaborative effort to develop scientific risk assessment tools, ... 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
Swiss Re places parametric quake cat bond for Bayview
13th January 2020
Swiss Re Capital Markets, the insurance-linked securities (ILS) focused unit of the global reinsurer, has placed a new parametric-triggered catastrophe bond on behalf of investor Bayview. The first of its kind to be issued under Rule 144A, the cat bond is designed to cover mortgage default risk caused by earthquakes 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
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
Peru earthquake triggers partial $60mn cat bond pay-out, sources confirm
21st June 2019
It has been confirmed that Peru will receive a $60 million partial pay-out from its earthquake catastrophe bond, which was triggered by a magnitude 8.0 earthquake that hit the country on 26th May. Sources at our sister publication, Artemis, have verified that the $200 million IBRD CAR 120 Peru quake ... 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
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