Industry Segments: Earthquake Page 1 / 1
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- May 3 2024
Canterbury earthquake lawsuit going to appeals court may weigh on EQC reinsurance renewals
With the class action over underpayment of claims headed to the Court of Appeals, more claimants could join the litigation at a time when the New Zealand Earthquake Commission is looking to secure higher limits at the June 1 renewals.
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- April 22 2024
Noto earthquake insurance payout approaches US$500m: GIAJ
The claims have increased 3.5 times since January 31 and rose by 22% since the last tally on March 8.
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- April 22 2024
TSMC’s earthquake losses estimated at US$92m
The Taiwanese chipamaker said the loss is net of insurance claims and that damage was mostly to inventories and equipment, according to a stock exchange filing.
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- April 16 2024
Taiwan earthquake preliminary non-residential losses exceed US$263m: Guy Carpenter
While not all of these losses are insured, the residential earthquake insurance fund has reported claims of about US$23m from 472 claims, data from the broker showed.
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- April 11 2024
Taiwan earthquake claims unlikely to exceed 2016 Meinong event’s US$500m: AM Best
Carriers will only have to deal with limited commercial and industrial claims such as business interruption as the April 3 quake was quite far from the economic and scientific centres and most of the losses are ceded to the international reinsurance market.
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- April 3 2024
Taiwan rocked by strongest earthquake in 25 years
The 7.4 magnitude earthquake has caused at least nine fatalities, more than 100 building collapses, landslides, suspension of air and rail services, while AM Best has flagged that losses could come from business interruption coverage.
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- April 2 2024
Noto earthquake is the only billion-dollar event in ‘benign’ Q1: Cresta
The January 1 earthquake in Japan has an estimated US$1.9bn insured loss, according to the insurance industry organisation.
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- March 22 2024
Tokio Marine secures US$100m Japan EQ capacity with Kizuna Re III cat bond
The Singapore-domiciled bond is the first time a Japanese sponsor has used a World Bank Group Sustainable Development Bond as collateral.
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- March 22 2024
Noto earthquake payouts top US$400m: GIAJ
The total number of accepted claims from the January 1 event has increased to 115,211 as of March 8.
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- February 16 2024
Noto earthquake insurance payout reaches US$137m: industry association
Insurers have about a third of the 76,500 accepted claims settled as of January 31, according to GIAJ.
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- January 30 2024
Japan government loss estimates for Noto earthquake up to US$17.5bn, insurance claims filed top 50,000
Damage to public infrastructure is expected to account for half of the losses, while Ishikawa prefecture is the worst hit.
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- January 25 2024
China’s parametric pilots for nat cat cover finding early success: Taiping Re CEO
Wider use of index-based insurance and ILS is key to finding much-needed capacity for (re)insurers and widening nat cat insurance, according to Sheldon Yu.
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- January 18 2024
Non-peak perils source of insurers’ primary portfolio risk: Gallagher Re
Flooding from remnants of typhoon Doksuri in China makes it the costliest weather event of last year, with US$18.5bn in economic losses.
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- January 10 2024
Minimal impact seen on insurers following Japan earthquake: Fitch
The three non-life carriers have limited net retention on residential earthquake risk, which is run by the government, and on commercial risks, which is largely reinsured.
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- January 10 2024
Japan earthquake: BI, supply chain claims add to climbing loss estimates topping US$5bn
With early forecasts ranging from US$1-6.4bn, largely from property losses, a greater number of claims are anticipated once access is restored, loss adjusters say.
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- January 1 2024
Japan issues highest tsunami warning after 7.6-magnitude earthquake rocks Ishikawa
Hundreds of houses collapsed, power, telecoms and internet services disrupted, planes and high-speed trains cancelled as the country braced for the first major tsunami warning since the 2011 Tohuku earthquake.
