earthquake

Further demonstrating the long-tail that earthquake claims can have, the insurance and reinsurance market loss estimate for the 2010 and 2011 Canterbury, New Zealand earthquakes continues to rise, with the latest figure now $22.3 billion, according to the Insurance Council.

Catastrophe risk modelling specialists RMS have launched version 18 of their risk model suite, brining with it a raft of additions and expansions, particularly in the Asia Pacific region where new perils have been added including a focus on flood risks.

The magnitude 5.3 shallow earthquake that struck the Osaka region a week ago, is now reported to have caused damage to at least 6,750 structures in the local area, while an estimate from the USGS gives a 41% chance of the economic losses from the quake surpassing $1 billion.

A shallow earthquake has struck the Osaka region of Japan this morning, causing three deaths and 200 injuries. The quake was originally measured at M6.1 but the USGS subsequently downgraded it to M5.3, but the fact it was shallow meant shaking was seen to be severe, causing damage to buildings and stopping operations at factories.

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 New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, has had its cap limit on residential building cover increased by 50% to $150,000, which will see it take on more risk and so perhaps need to buy more reinsurance.

There is evidence that claims from the New Zealand earthquakes continue to impact insurers and be passed on to reinsurance capital as a result, with IAG and Suncorp both reporting more claims coming in from Canterbury and Kaikoura quake events.

The insurance and reinsurance industry loss estimate for the series of earthquakes which hit Central Italy between the 26th and 30th October 2016 has risen significantly again, as PERILS AG added another 66% to the total industry bill, taking it to EUR 208 million.

The Mexican government has confirmed that it will receive a $150 million payout from the World Bank supported IBRD / FONDEN 2017 catastrophe bond (as Artemis was first to reveal on the 8th September) after the calculation agent confirmed that the earthquake on 7th September met all the parameters required to trigger and default the […]

The government of Mexico is expecting to receive the $150 million payout from the triggered $150 million tranche of IBRD / FONDEN 2017 catastrophe bond notes, that were hit by the Chiapas region earthquake in September, and will look to replace the layer with a new cat bond issue, according to a report.