Reinsurance News
earthquake reinsurance
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
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
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
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
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
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
Re/insurance can help close Eastern Canada quake protection gap: Swiss Re
18th July 2017
A recent Swiss Re report highlighted the vulnerability of Eastern Canada to earthquake risk where it said a lack of awareness has led to a high protection gap in a region vastly exposed to high economic and social losses in the case of a major earthquake. A magnitude 7.3 earthquake in ... Read the full article
RMS releases version 17.0 of its North American Earthquake Models
9th June 2017
Global catastrophe risk modelling firm RMS has released its updated version 17.0 RMS North America Earthquake Models, which provides a more accurate and comprehensive view of earthquake risks across the U.S., Canada, and Mexico. RMS describes the release as a "major step forward in managing earthquake risk," claiming that its new ... Read the full article
Kaikoura earthquake losses “well within reinsurance limits” – RBNZ
1st June 2017
Losses due to the Kaikoura, New Zealand earthquake, the magnitude 7.8 tremblor that occurred on the 14th November 2016, are seen as "well within reinsurance limits" for insurers operating in the country, according to the Reserve Bank of New Zealand. "While there is substantial uncertainty over the claim costs, they appear ... Read the full article
Demand for reinsurance in Japan set for growth: Fitch Ratings
3rd April 2017
Reinsurance cover demand in Japan is set for growth and is expected to be ceded to international reinsurance markets, according to FitchRatings analysts, as the country implements plans to expand its governmental residential insurance scheme - which has more than doubled its earthquake insurance limit since 2011. The Japanese government is ... Read the full article
RMS Colombia Earthquake Model approved by regulator
21st February 2017
International catastrophe risk management and modelling firm, RMS, has received approval from the Colombian insurance regulator to provide catastrophe modelling services for earthquake risks in the region. Colombian insurance regulator, Superintendencia Financiera de Colombia (SFC), has given approval for the RMS Colombia Earthquake Model to be utilised by national and global ... Read the full article
Buffett targets Japan earthquake re/insurance with Berkshire Hathaway
27th December 2016
Warren Buffett is targeting a move into Japanese earthquake reinsurance through his Berkshire Hathaway Specialty Insurance unit, according to a report. The Nikkei reported that Berkshire Hathaway Specialty Insurance is set to move into Japanese earthquake reinsurance, by backing Japanese insurers, citing Marc Breuil, Regional President Asia at BHSI. Buffett's Berkshire ... Read the full article
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