Earthquake

Romanian nat cat pool turns to Moody’s for earthquake offering

Romanian natural hazards (re)insurance pool Pool-ul de AsigurareÎ mpotriva Dezastrelor Naturale (PAID) has partnered with Moody’s to help the organisation better model and manage earthquake risk.

No major damage reported after 4.7 Magnitude earthquake strikes Malibu

A preliminary 4.7 magnitude earthquake struck Malibu on Thursday morning, according to the US Geological Survey, with Los Angeles officials reporting no major damage in initial assessments.

Howden Re partners with Temblor on Turkish earthquake risk

Howden Re has partnered with Temblor Inc, a catastrophe modelling firm specialising in seismic hazard and risk assessment, to improve its understanding of earthquake risk in Turkey.

Parametric insurer NormanMax partners with Global Earthquake Model Foundation

US-based parametric (re)insurer NormanMax Insurance has agreed a three-year partnership with the Global Earthquake Model Foundation to improve earthquake preparedness, recovery and risk reduction worldwide.

Noto Peninsula earthquake payouts rise 7% to $570mn: GIAJ

Insurers have now paid out ¥90.97bn ($570mn) in claims related to the earthquake that hit the Noto Peninsula on New Year’s Day, according to the General Insurance Association of Japan.

CEA risk-transfer program stands at $9.1bn after April renewals

The California Earthquake Authority has $9.1bn of risk transfer in place after securing $1.16bn in protection at the April renewals, with the overall risk-transfer figure the same as at the end of 2023.

Emerald Bay launches first program with Arrowhead commercial quake facility

Start-up Emerald Bay Risk Solutions has entered into a strategic partnership with Arrowhead to launch a commercial quake facility providing difference-in-conditions cover to medium to large businesses.

Noto Peninsula earthquake payouts rise 14% to $540mn: GIAJ

Insurers have now paid out ¥84.89bn ($540mn) in claims related to the earthquake that hit the Noto Peninsula on New Year’s Day, according to the General Insurance Association of Japan.

K2’s Vikco secures Atain’s A rated capacity for SME quake program

K2 MGU Vikco has teamed up with Atain Specialty Insurance Company on an SME quake program offering coverage in a number of Western states, Program Manager can reveal.

LM Re launches sensor-based parametric earthquake cover following Mexico pilot

Liberty Mutual Reinsurance has partnered with technology provider Safehub to offer a building-specific, sensor-based, parametric earthquake (re)insurance product to clients globally.

Noto Peninsula earthquake payouts rise above $480mn: GIAJ

The General Insurance Association of Japan (GIAJ) has revealed that it has paid out ¥74.44bn ($481.03mn) of claims related to the earthquake that hit the Noto Peninsula on New Year’s Day.

Taiwan earthquake losses in the “hundreds of millions”: Aon

Economic losses from the Taiwan earthquake have a high potential to reach into the “hundreds of millions” of dollars, with the event likely to result in a notable event for the local insurance industry, according to Aon.

Taiwan struck by biggest earthquake in 25 years

Seven people have been confirmed dead and more than 700 are injured after a 7.4-magnitude earthquake struck Taiwan’s east coast on Wednesday.

Noto Peninsula Earthquake payouts surpass $400mn: GIAJ

Claims paid as a result of the January Noto Peninsula Earthquake have reached ¥61.09bn, according to the General Insurance Association of Japan.

CEA seeks to contract financial adviser

The California Earthquake Authority has issued a request for qualifications for a financial adviser for itself and/or the California Wildfire Fund.

Portugal poised to launch public-private quake reinsurance scheme

Portugal is poised to launch a state-backed natural catastrophe reinsurance pool to provide cover for catastrophic earthquake events, with the public-private partnership following industry calls for new legislation to beef up protections, The Insurer can reveal.

AM Best revises CEA’s ICR outlook to stable on improved capitalisation

AM Best has revised the outlook to stable from negative for the “bbb+” (good) long-term issuer credit rating of the California Earthquake Authority.

Insurers pay out on 33% of Japan Noto earthquake claims

Insurers have paid out an estimated ¥‎20.53bn ($136mn) to policyholders for losses associated with the 2024 Noto Peninsula Earthquake, according to new figures from the General Insurance Association of Japan.

Noto earthquake won’t hinder Japan property insurers’ profitability: GlobalData

Japanese property insurers remain on track to maintain profitability in 2024 due to their ability to withstand losses from the 7.6 magnitude earthquake that hit the Noto Peninsula on New Year’s Day, according to GlobalData.

Perils ups Turkey earthquake loss estimate to $6.2bn

Loss aggregator Perils has disclosed a fourth industry loss estimate of TRY117bn ($6.2bn) for the Kahramanmaras Earthquake Sequence, which devastated several regions across south-central Turkey and northwestern Syria in February 2023.

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