Parametric hail insurance with sensors launched by Understory & MSI GuaranteedWeather

An innovative new sensor derived and triggered parametric insurance policy designed to cover auto dealer lots against hail storm damage has been launched by insurtech Understory, backed by MSI GuaranteedWeather and reinsurance capital. Understory has developed and manufactured its own weather and climate sensors, which it calls the Dot sensor, to read the full article →

How much does a landfalling hurricane cost?

Hurricanes are capable of inflicting extremely large amounts of damage when they make landfall on highly populated, urbanised regions of the U.S. coastline. Reinsurers have long had a fear of a direct hit on Miami from a major hurricane, an event which could cause over $100 billion worth of damage. read the full article →

Japan puts property damage from earthquake at $210 billion

The Japanese Cabinet office has released an estimate this morning for the economic property losses caused by the 11th March earthquake and tsunami disaster. They estimate that the quake and tsunami destroyed buildings and infrastructure worth around $210 billion. The estimate excludes any costs related to the Fukushima nuclear disaster read the full article →

Quantifying the damage from the 13th June Christchurch, New Zealand earthquake

Risk modeller EQECAT released the first insured loss estimate for the recent 13th June M6.0 earthquake in Christchurch, New Zealand on Tuesday. Their initial loss estimate was for damages of between $3 billion and $5 billion from this event. This seems reasonable given that the city has suffered so much read the full article →

Hail causes huge losses in Perth, Australia. Could cat bonds help?

A major hailstorm which struck the Perth area of Australia on the 22nd March this year has become one of the costliest disasters ever experienced in that country. The Insurance Council of Australia has released figures which show the storm was the third most costly event on record. Losses from the read the full article →