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Tag: Earthquake


Financial, Risk Management

Claims paid for New Year’s Day Japan earthquake rise to $492m: GIAJ

April 23, 2024

Via: Reinsurance News

The General Insurance Association of Japan (GIAJ) has released new insurance claims data for the January 1st M7.5 earthquake that hit near the Noto Peninsula in Ishikawa prefecture, revealing that the claims paid total has risen by around 22% in […]


Financial, Risk Management

CEA grows risk transfer program to $8.86bn, cat bonds still 24%

October 24, 2023

Via: Artemis BM

The California Earthquake Authority (CEA) increased its overall risk transfer and reinsurance protection through the middle of the year, lifting the program to almost $8.86 billion in size, with its catastrophe bonds making up a steady 24% of the total. […]


InsurTech

LM Re, XS Global & Safehub launch world’s first sensor-based reinsurance treaty for earthquake risk

September 5, 2023

Via: Reinsurance News

Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, MGA XS Global, and technology provider Safehub, have launched the world’s first sensor-based, parametric reinsurance treaty for earthquake risk. According to the announcement, this treaty marks a new era […]


Financial, Risk Management

California Earthquake Authority lifts Ursa Re cat bond target to $200m

April 11, 2023

Via: Artemis BM

The California Earthquake Authority (CEA) has lifted its target for its new Ursa Re Ltd. (Series 2023-1) catastrophe bond transaction, with now $200 million of reinsurance sought, while the pricing guidance has dropped for both of the tranches being issued. […]


Financial, Risk Management

Earthquakes to drive insured losses of $2.4 billion in Turkey, says KCC

February 16, 2023

Via: Reinsurance News

Total property insurance and reinsurance industry losses from the dual Kahramanmaras, Turkey earthquakes are estimated at $2.4 billion, with economic losses pegged at close to $20 billion, according to Karen Clark & Company (KCC). These estimates do not include losses […]


News

Missouri insurance regulator warns residents are largely uninsured

February 15, 2023

Via: Insurance Business

In recognition of February as Earthquake Awareness Month, the Missouri Department of Commerce and Insurance (DCI) has published the latest findings of its earthquake preparedness report, which revealed that residents of the New Madrid Seismic Zone remain “largely uninsured.” The […]


Geo-Political, Risk Management

Hurricane Ida, Europe Floods Made 2021 Costly For Disasters

January 11, 2022

Via: Claims Journal

Damage wrought by Hurricane Ida in the U.S. state of Louisiana and the flash floods that hit Europe last summer helped make 2021 one of the most expensive years for natural disasters, reinsurance company Munich Re said Monday. The company’s […]


InsurTech

Descartes aims to revolutionise parametric earthquake risk transfer

November 18, 2021

Via: Artemis BM

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced a new partnership that aims to revolutionise the way parametric earthquake risks are transferred. Descartes Underwriting has partnered […]


Geo-Political, Risk Management

Claims paid on Feb M7 Fukushima, Japan earthquake pass $1.62bn

June 18, 2021

Via: Artemis BM

Insured losses from the Magnitude 7.0 earthquake that struck off the coast of the Fukushima region of Japan on February 13th 2021 have continued to rise and at a faster pace, with the loss to the insurance and reinsurance industry […]


Geo-Political, Risk Management

Oklahoma, Farmers Insurance Reach $25M Settlement Over Earthquake Claims

April 6, 2021

Via: Claims Journal

Oklahoma has reached a $25 million settlement with Farmers Insurance over the company’s handling of earthquake claims, state officials say. Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glen Mulready say an investigation revealed that Farmers denied or failed to […]