california

Catastrophe risk modelling firm RMS has issued an estimate for the insurance industry loss from the recent South Napa, California earthquake, saying that it does not expect that insured losses from the event will exceed $250m.

Insurance linked securities (ILS) investment manager Credit Suisse Asset Management has estimated that the insured loss from Sunday’s Napa, California earthquake will come in around the $1.5 billion mark.

Estimates of the insured loss from Sunday mornings M6.0 earthquake which struck the South Napa, California area are rising, with the highest estimate now calling for an economic loss of $4 billion or more and an insurance industry loss of $2.1 billion.

Yesterday’s M6.0 earthquake which struck the northern California, Napa Valley area, the largest earthquake to strike the Bay Area in 25 years, could cause economic losses of over $1 billion, while estimates of insured losses suggest $500m to $1 billion of impact.

The strongest earthquake to hit the Los Angeles area of California since the 1994 Northridge event has struck the region in the past hour. The magnitude 4.4 quake is a reminder of the threat this peril poses to the reinsurance and catastrophe bond market.

Zurich Financial has announced the completion of its $225m catastrophe bond, Lakeside Re II Ltd. The three year deal will protect its subsidiaries Zurich American Insurance Co. Ltd. and Zurich Insurance Co. Ltd. against potential claims from certain qualifying earthquakes across the state of California. The offering is said to have been oversubscribed although Zurich […]

Zurich is preparing to launch a $225m (remember that could rise) catastrophe bond to provide it with protection against earthquakes in California. The transaction will be issued by Cayman Islands based SPV Lakeside Re II Ltd.