Salt Lake City area hit by M5.7 earthquake, damage reported

A magnitude 5.7 earthquake has struck the Salt Lake City area of Utah, U.S., the largest quake to hit the area in 28 years and big enough to cause some damage to buildings in Magna, West Valley City and Salt Lake City itself.The state of Utah is not a region read the full article →

Similar quake to Loma Prieta could cost re/insurers $27bn: RMS

If the Loma Prieta earthquake that struck California’s Central Coast on October 17th 1989 were to occur again today, the economic impact would be more than six times higher at $38 billion, while insurance and reinsurance carriers would face a more than four times larger bill at $4 billion, RMS read the full article →

Tokyo area earthquake has potential to drive $3tn property loss: KCC

A repeat of the 1923 Kanto earthquake in the Tokyo region of Japan could result in property losses of as high as $1.5 trillion, while a higher magnitude quake could cost the country as much as $3 trillion, catastrophe modellers Karen Clark & Company believes.Karen Clark & Company's (KCC) latest read the full article →

Peru government confirms $60m cat bond payout on the way

The Ministry of Finance of the Government of Peru has confirmed that it is awaiting a $60 million payout from the World Bank after a recent earthquake triggered its catastrophe bond protection, coverage that it said complements its national risk management policy.Peru benefits from $200 million of catastrophe bond backed read the full article →

Fannie & Freddie quake risk transfer raised at Senate hearing

The subject of whether the two main government-sponsored enterprises (GSE’s) in mortgage risk, Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation), should buy earthquake insurance was raised at a Senate hearing this week.At a hearing of the full U.S. Senate Committee on read the full article →

Peru cat bond pay out of $60m for earthquake confirmed

Peru's earthquake catastrophe bond will make a $60 million partial pay out of its principal to the country after its parametric triggering was confirmed in the calculation agent report, it has now been confirmed to us.This $200 million IBRD CAR 120 Peru quake catastrophe bond, part of the World Bank's read the full article →

New Zealand earthquake reinsurance program grows to $6.2bn

The New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, has purchased its largest ever reinsurance program, with coverage running up to $6.2 billion.That's a 12% increase on the $5.55 billion reinsurance program purchased in 2018 and a 28% increase in reinsurance limit since its 2017 program read the full article →

Peru cat bond payout decision within 20 days: Minister of Finance

The decision as to whether Peru's earthquake exposed IBRD CAR 120 catastrophe bond will payout a portion of the investor principal is expected within 20 days of the magnitude 8.0 earthquake that struck Peru on Sunday 26th May, according to the country's Finance Minister.Carlos Oliva, the Minister for Finance and read the full article →

Peru’s World Bank cat bond could be triggered by M8.0 earthquake

A magnitude 8.0 earthquake that struck Peru yesterday, Sunday 26th May, could trigger the IBRD CAR 120 catastrophe bond, which was part of the Pacific Alliance issuance, with the available data suggesting that a 30% loss of principal should be expected by investors in the cat bond.The magnitude 8.0 earthquake read the full article →

Parametric California quake BI insurance developed by Swiss Re

Global reinsurance firm Swiss Re has partnered with program manager Arrowhead and insurance partner Falls Lake to launch an innovative parametric California earthquake business interruption insurance product for commercial clients.Swiss Re has developed the proprietary risk model for the earthquake business interruption insurance product named Quake Assist.Working with primary insurance read the full article →