earthquake

Risk modelling firm AIR Worldwide has launched an update to its United States earthquake risk model, with updates including to event generation, local intensity calculation, and damage estimation modules, as well as the addition of tsunami risks, and an induced seismicity module to model the effects of human activity on earthquake occurrence.

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.

Risk modelling and analytics firm RMS has released an updated version of its risk models for earthquake risks in the United States, Canada and Mexico, with the new version seen as a “major step forward in managing earthquake risk.”

The insurance and reinsurance market loss from the 2010/11 Canterbury, New Zealand earthquakes continues to increase, with insurer Tower Group again reporting further loss creep yesterday and the industry total now estimated at $21 billion by the Insurance Council.

The powerful magnitude 7.8 earthquake that struck Ecuador just over a year ago is now expected to result in an insurance industry loss of $575 million, with reinsurance markets having taken a share. However the overall economic impact to the country had been put at over $4 billion, reflecting the protection gap in Latin America.

Insurance companies in New Zealand are set to reclaim NZ$694 million from the global reinsurance market for claims made in the wake of the 14th November magnitude 7.8 earthquake in Kaikoura, a total that is expected to rise further.

We’ve written before about the lengthening tail on the Canterbury New Zealand earthquake loss from 2010/11, as the event demonstrates that quakes are not always a short-tail catastrophe loss. Latest commentary from local insurers suggests this tail continues to lengthen.

Insurance industry losses from the 14th November magnitude 7.8 earthquake in Kaikoura, new Zealand are starting to be counted, with the Insurance Council of New Zealand revealing that over NZ$900 million of commercial claims have already been filed.

PERILS AG has raised its property insurance and reinsurance industry loss estimate for the series of earthquakes which hit Central Italy between the 26th and 30th October 2016 by over 300%, from the initial estimate of EUR 31 million to a figure of EUR 125 million.

Australian insurer Suncorp Group has revealed a further deterioration in its 2010 and 2011 Canterbury, New Zealand earthquake losses, increasing provisions by NZ$112 million (just over US$80m) with the majority to be passed on to its reinsurance providers.