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Osaka & Hokkaido earthquake claims near $1 billion

Insurance firms that underwrite earthquake insurance in Japan are facing almost $1 billion of claims from this years Osaka and Hokkaido earthquakes, according to the latest data from the local insurance association.Insurance claims paid following the shallow magnitude 5.3 earthquake that hit the Osaka prefecture region of Japan in June read the full article →

Osaka quake insurance market loss reaches $770m

Insurance claims paid following the shallow magnitude 5.3 earthquake that struck the Osaka prefecture area of Japan in June 2018 now total almost $770 million (JPY 86.6bn), according to the countries insurance association.Japan has been hit by numerous catastrophe and severe weather events in recent months, with the Osaka earthquake read the full article →

NZ’s Canterbury earthquake loss estimate creeps up to $22.3bn

Further demonstrating the long-tail that earthquake claims can have, the insurance and reinsurance market loss estimate for the 2010 and 2011 Canterbury, New Zealand earthquakes continues to rise, with the latest figure now $22.3 billion, according to the Insurance Council.We’ve written a number of times in recent years about the read the full article →

Osaka quake damages 6,750+ structures. 41% chance of $1bn+ cost

The magnitude 5.3 shallow earthquake that struck the Osaka region a week ago, is now reported to have caused damage to at least 6,750 structures in the local area, while an estimate from the USGS gives a 41% chance of the economic losses from the quake surpassing $1 billion.The earthquake read the full article →

Shallow earthquake shakes Osaka, Japan, damage relatively limited

A shallow earthquake has struck the Osaka region of Japan this morning, causing three deaths and 200 injuries. The quake was originally measured at M6.1 but the USGS subsequently downgraded it to M5.3, but the fact it was shallow meant shaking was seen to be severe, causing damage to buildings read the full article →

Canterbury & Kaikoura quake claims still creeping for insurers

There is evidence that claims from the New Zealand earthquakes continue to impact insurers and be passed on to reinsurance capital as a result, with IAG and Suncorp both reporting more claims coming in from Canterbury and Kaikoura quake events.The Canterbury earthquakes are now a distant memory for many in read the full article →

Kaikoura earthquake claims reach NZ $2 billion

Insurance claims filed in both personal and commercial business lines that will fall to the private market for payment after the 14th November 2016 Kaikoura earthquake have now risen to NZ $2 billion (US $1.46 billion) according to the Insurance Council of New Zealand.The earthquake struck the Kaikoura region of read the full article →

Suncorp’s Canterbury quake loss rises again, reinsurers continue to assist

Australia and New Zealand insurer Suncorp Group has continued to suffer from additional over cap claims and loss creep from the Canterbury, NZ earthquakes, reporting an increase to its ultimate net loss for the events of $129 million.Suncorp has been burning through its reinsurance provisions over the last year, with read the full article →

Kaikoura quake claims hit NZ $1.84 billion

Insurance claims filed in both personal and commercial lines that will fall to private insurers after the 14th November Kaikoura earthquake have now risen to NZ $1.84 billion (approximately US $1.33 billion), according to the latest data from the Insurance Council of New Zealand.The earthquake struck the Kaikoura area of read the full article →

Kaikoura quake reinsurance recovery seen at $814m by NZ gov

The New Zealand government statistical department has increased its estimate of the reinsurance recovery due to insurance companies in the country, raising it from NZ$694 million at the end of 2016 to NZ$814 million at the end of March 2017.The earthquake struck the Kaikoura area of New Zealand on the read the full article →