Willis Re Unveils New Japan Tsunami Model
Willis Re, the reinsurance division of Willis Group Holdings, the risk adviser, insurance and reinsurance broker, has released a new Japan Tsunami Model to advance the industry’s understanding of...
View ArticleEconomic Property Damages of Japan Earthquakes to Cost $2.5B-$3.5B: RMS
RMS, the Newark, Calif.-based catastrophe risk management firm, estimated that economic property damage for both the April 15 moment magnitude (Mw) 7.0 earthquake and April 14 Mw6.4 earthquake in...
View ArticleJapan Assesses Damage from Earthquake in Olympics Site Region
The damage from an overnight earthquake in a mountainous area of central Japan that hosted the 1998 winter Olympics proved more extensive than initially thought. A daylight assessment Sunday found at...
View ArticleSony’s Camera Chip Factory Halts Production After Japan Temblor; AIR Comments
The earthquake in southern Japan that killed nine people, damaged buildings and derailed a bullet train also halted production at a Sony Corp. camera-chip factory, a key part of the global smartphone...
View ArticleDeath Toll Rises from Japanese Earthquakes; Supply Chain Disruptions Examined
The death toll from earthquakes that struck southern Japan rose to 42 and the economic impact began to reverberate Monday as companies surveyed damage and the potential effects on production from...
View ArticleJapanese Earthquakes Could Cost Insurers $2.9 Billion: AIR Worldwide
An earthquake that struck southern Japan on April 16 will probably cost insurers as much as 320 billion yen ($2.9 billion), according to catastrophe modeler AIR Worldwide. The cost might be as low as...
View ArticleNatural Disaster Losses Hit Five-Year High in April: Aon Catastrophe Report
The global economy suffered the worst April natural disaster losses for five years, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. Earthquakes, convective storms...
View ArticleChubb Estimates Q2 Cat Losses to Rise 54% from Q1 2016
Property and casualty insurer Chubb Ltd. estimated natural catastrophe losses for the second quarter to be about 54 percent higher than the first quarter, indicating another quarter of high losses due...
View ArticleStorms & Earthquakes Drive Up Insured Losses in 1H 2016: Munich Re
Economic losses caused by natural catastrophes in the first half of 2016 totaled US$70 billion, a significant increase from the $59 billion reported for the first half of last year, according to a loss...
View ArticleLloyd’s Insurer Chaucer Expects Underwriting Loss During Q2 2016
The impact of catastrophes, large loss activity and foreign exchange movements are expected to bring an underwriting loss for Chaucer in the second quarter, when it will report a combined ratio in the...
View ArticleNatural Catastrophes Drive Global Insured Losses to $31B in H1: Swiss Re’s Sigma
Global insured losses from natural catastrophes and man-made disasters during the first half of 2016 reached US$31 billion, or 44 percent of total economic losses of US$71 billion, according to a...
View ArticleSoft Prices May Bring Reinsurer Losses when Typical Cat Levels Return: Execs
It won’t take another Hurricane Katrina for reinsurers to face losses from covering the cost of storms and earthquakes. Competitors such as hedge funds have eroded prices so much that a typical year of...
View Article7.4 Earthquake off Coast of Fukushima Jolts Japan; Tsunami Alert Lifted
A powerful earthquake rocked northern Japan early on Tuesday, briefly disrupting cooling functions at a nuclear plant and generating a small tsunami that hit the same Fukushima region devastated by a...
View ArticleInsured Cat Losses in 2016 Totaled $49B, with $158B of Economic Costs: Swiss Re
More than 10,000 people died as a result of natural and man-made disasters during 2016, with financial losses totaling at least $158 billion, Swiss Re said on Thursday. At an estimated $49 billion,...
View ArticleGlobal Natural Catastrophes Cost Insurers $50B in 2016: Munich Re
Insurers paid out around $50 billion for natural disaster claims last year, almost double 2015’s payout of $27 billion, reinsurer Munich Re said in its annual natural catastrophe review on Wednesday....
View ArticleNat Cats Cost Insurers $39.5B in 2016, Highest Level in 4 Years: Willis Re
Insured loss estimates from major natural catastrophes totaled US$39.5 billion during 2016, which is the highest level since 2012 when market losses totaled US$60 billion, according to a report...
View ArticleEarthquake Hits Japan’s Industrial Heartland, Causing 3 Deaths; Trains,...
Three people were confirmed dead and almost 100 injured after a strong earthquake hit Osaka on Monday morning, rattling one of Japan’s industrial heartlands and halting trains and factories across the...
View ArticleRescues, Power Restoration Underway on Japan’s Northern Island Hit by Quake
Japan’s northern island of Hokkaido began to restore power after a strong earthquake overnight knocked out electricity throughout the entire prefecture of more than 5 million people. The magnitude 6.7...
View ArticleNatural Disasters in September Bring Costliest Damages to Date for 2018: Aon...
Hurricane, flood, and earthquake damages made September the costliest month for natural catastrophes in 2018, according to a report from Aon’s Impact Forecasting team. September is typically the...
View ArticleCalifornia Wildfires, Hurricane Michael Top List of 2018’s Costliest Natural...
The costliest natural catastrophes occurred in the United States in 2018 with one of California’s devastating wildfires and Hurricane Michael topping the list, according to Munich Re. A report from...
View ArticleInsurance Covered $90B of Natural Disaster Losses in 2018, Leaving 60%...
The economic costs of last year’s 394 natural catastrophe events came to US$225 billion with insurance covering US$90 billion of the overall total, creating the fourth costliest year on record of...
View ArticleTsunami-Wrecked Fukushima Nuclear Plant Begins Fuel Removal in Melted Reactor
The operator of the tsunami-wrecked Fukushima nuclear plant began removing fuel Monday [April 15] from a cooling pool at one of three reactors that melted down in the 2011 disaster, a milestone in what...
View ArticleJapan Quakes to Cost Insurance Industry $2B-$3B Annually: Karen Clark & Co.
For insurers and reinsurers, the 1995 Kobe earthquake produced $3 billion in insured property losses, but a repeat of a more devastating quake that happened 72 years earlier could bring $225 billion in...
View ArticleA U.S. Storm that Will Break Insurance Records – and Other February Storms,...
February saw a spate of winter storms in the United States, including the period from Feb. 12-20, which will become the U.S. insurance industry’s costliest winter weather peril on record, according to...
View Article$1B Insurance Price Tag for U.S. Severe Weather in March (and Other Global...
Multiple U.S. severe weather outbreaks, including tornadoes, hail, and flooding, resulted in losses of more than $1 billion for public and private insurers during March, with economic costs approaching...
View ArticleTokyo Jolted by Strongest Earthquake Since 2011, With Injuries Reported
A magnitude 5.9 earthquake struck near Tokyo late Thursday, rattling parts of the capital the most since the March 2011 disaster. Few train services remained disrupted the next morning, while some...
View ArticleUpdate: Magnitude 7.4 Earthquake Hits Near Japan’s Fukushima
A magnitude-7.4 earthquake struck northern Japan near Fukushima prefecture late on Wednesday, killing two people and injuring dozens, as well as disrupting power and some factories. About 2,000...
View ArticleUpdate: Japan Warns of Blackouts After Earthquake Causes Major Power Shortage
Japanese turned off neon signs, dimmed their lights and dialed down thermostats on Tuesday after the government issued an urgent call to save energy to avoid blackouts after an earthquake last week...
View ArticleJapan’s Powerful Earthquake Estimated to Cost Insurers $2 Billion-$4 Billion:...
The powerful earthquake that jolted Japan’s northeast coast last week is expected to cause insured property losses between $2 billion and $4 billion, modeling firm Verisk said on Thursday. About $400...
View ArticleNatural Disasters Cost Global Economy $32B in Q1, With Only $14B Insured: Aon
Preliminary economic losses from natural hazards billion during the first quarter of 2022 totaled $32, of which less than 50% (or $14 billion), was covered by public and private insurers, according to...
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