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Indonesia tsunami insured loss estimated at $1.1 billion

The insurance and reinsurance industry may shoulder as much as $1.1 billion of claims for damage following the tsunami that struck Indonesia after the eruption of the Anak Krakatau volcano.The volcano-triggered tsunami is thought to have killed more than 430 people and caused significant damage to coastal areas, damaging hundreds read the full article →

Swiss Re launches parametric tsunami derivative for Japanese businesses

Commercial risk transfer and insurance solutions provider Swiss Re Corporate Solutions, a division of the global reinsurance firm, has launched a novel parametric tsunami derivative product, designed to protect Japanese businesses against the financial impacts of tsunamis.Swiss Re said that the product addresses an existing insurance protection gap, as tsunami read the full article →

New HD Japan quake & tsunami risk model released by RMS

Catastrophe risk modelling and analytics specialist RMS has announced the launch of a new and updated high-definition risk model for Japanese earthquake and tsunami risks, which incorporates the latest seismic map data as well as learnings from the Tohoku and Kumamoto quakes.The understanding of Japanese earthquake risks and the threat read the full article →

U.S. west coast under tsunami alert following M7.9 quake off Alaska

Almost the entire western coastline of the United States has been placed under a tsunami alert following a major magnitude 7.9 earthquake that struck off the coast of Alaska at around 09:30 GMT this morning.The M7.9 earthquake struck around 280km south-east of Kodiak at a relatively shallow depth initially reported read the full article →

RMS study reveals mega-tsunamis are no “black swan event”

Four years after the huge earthquake and tsunami devastated Tohoku, Japan, a new study has identified over 20 global subduction zones with the potential to produce an event of similar scale.Leading international disaster risk management firm, RMS, produced the new study, “Coastlines at Risk of Giant Earthquakes & Their Mega-Tsunamis,” read the full article →

RMS’ new comprehensive global tsunami tool a gift for re/insurers

A pioneering tool that offers a detailed view of global potential tsunami events was recently announced by leading catastrophe risk modelling firm, Risk Management Solutions (RMS).The tool, branded ‘RMS Global Tsunami Scenario Catalog,’ is an industry first and “provides the most comprehensive global coverage of potential tsunami events on major read the full article →

Willis Re launches probabilistic/deterministic Japan tsunami risk model

Willis Re, the reinsurance broking arm of global broker Willis Group, has announced the launch of a new Japan tsunami risk model with both probabilistic and deterministic functions, as it seeks to advance the industry’s understanding of catastrophic tsunami losses.In the wake of the 2011 Tohoku earthquake the catastrophic potential read the full article →

M7.3 earthquake strikes off northern Japan, tsunami warnings issued

Japan has suffered another major earthquake off the coast of Honshu island and a tsunami warning has been issued for the coast of Tohoku region. The same region that saw such immense damage from the March 2011 quake and tsunami is now under a tsunami warning. The first tsunami waves read the full article →

Solar panel manufacturer bundles products with catastrophe insurance in Japan

Ever since the devastating earthquake and tsunami struck Japan in March 2011 the country has received a lot of attention regarding the high level of exposure to a variety of natural disasters and catastrophes. Chinese solar panel and module manufacturer Phono Solar is addressing the broad catastrophe risks in Japan read the full article →

RMS updates Japan earthquake model with lessons from Tohoku

The Tohoku, Japan earthquake and tsunami event in March 2011 was so impactful that it has changed scientists views of earthquake risk across Japan. Nobody expected such a huge tsunami to occur and even though Japan is one of the most earthquake exposed countries in the world, the magnitude and read the full article →