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World underinsured against earthquake risk
Earthquake insurance penetration is highest in New Zealand, and is very low in Japan, particularly for commercial properties
Tag: "Earthquake"
Ottawa: Progress of Haiti recovery ‘disappointing,’ two years after earthquake
Only Afghanistan ($214 million) received more Canadian International Development Agency funding than Haiti ($209 million) for long-term development and reconstruction during the 2010-2011 fiscal period
Magnitude 7.2 earthquake hits Eastern Turkey
By ILSTV Staff on Oct 24, 2011 in Natural Disasters
Kandilli Observatory manager told a news conference that there could be around 1000 buildings damaged and “hundreds” of lives lost
BC ShakeOut: Drop, Cover, and Hold On in largest earthquake drill in Canadian history
View the video here on your mobile device. At 10:20am PST today, thousands of British Columbians will ‘Drop, Cover, and Hold On’ in the largest earthquake drill in Canadian history, known as The Great British Columbia ShakeOut. The event, to be held annually on this date, marks the anniversary of the last magnitude 9 earthquake [...]
B.C. company makes earthquake retro-fits affordable
The people that are most concerned tend to be the ones that are moved here from Calgary, or Edmonton, or came in from the interior, and they’ve been living here for months or a few years and it’s on their minds. Mike Ursel
Insured losses from east coast earthquake expected to be less than $100 million
“A M5.8 earthquake in the central and eastern US does not produce an expectation of widespread catastrophic damages,” said EQECAT.
Fault line under Vancouver Island deeper than previously thought
By ILSTV Staff on Aug 24, 2011 in Natural Disasters
Research from B.C. study suggests mega-quake could hit south of Vancouver Island
Tossed ashore by tsunami, beached ships get rescued as Japan fishing town scrambles to recover
By ILSTV Staff on Jun 21, 2011 in Natural Disasters
Salvage crews and insurance company initially said righting ships in Japanese harbor was too expensive and complicated
Latest Christchurch earthquake caused an additional $3 to $5 billion in insured losses
June 13 earthquake is the latest in a string of seismic events to hit the New Zealand city
Seismologists tried for manslaughter after failing to predict earthquake
Six seismologists and one Italian government official face charges after the public says they failed to warn of earthquake risk
Japan earthquake, Australia floods, New Zealand earthquake cost Lloyd’s
Estimated net claims from natural disasters in line with industry losses
Up to $100 million in insured losses from Spanish earthquake
Earthquake insurance is a mandatory coverage of property insurance in Spain
Economic growth, rising property values increase cost of natural catastrophe claims
Insured claims from natural catastrophes are increasing dramatically, says insurer Allianz. The average annual cost of insured claims from natural catastrophes has increased eight-fold since 1970 (up from some USD $5 billion in the 1970s and 1980s to over $40 billion in 2010). One reason behind the increase is economic growth. In its recent risk [...]
Magnitude 6.8 earthquake hits Myanmar
On March 28, a shallow magnitude 6.8 earthquake occurred in Myanmar, near the border with Thailand. RMS said approximately 580,000 people were exposed to intensity VI-VII shaking, according to the USGS PAGER system, where the potential for damage to structures ranges from light to moderately heavy. The earthquake was felt as far away as Bangkok, [...]
The Co-operators donates $100,000 to rebuild Japanese Co-ops
The Co-operators is donating $100,000 to the International Co-operative Alliance’s (ICA) “Japan Disaster Recovery Fund.” The Fund was established by the ICA to support the rebuilding of co-operatives in the earthquake and tsunami stricken regions of Japan. Numerous co-operatives in the country, particularly in the Miyaagi and Iwate prefectures, suffered severe damage caused by the [...]
The ten costliest world earthquakes and tsunamis by insured losses
While insurers and reinsurers around the world are still assessing losses from the March 11 earthquake and resulting tsunami in Japan, these events are already estimated to reach insured losses of up to $35 billion, according to AIR Worldwide and economic losses of over $100 billion, said EQECAT. “The insurance industry will fulfill its traditional [...]
Tsunami causes $50 million in damages in California
After Japan’s powerful 9.0 earthquake struck on March 11, tsunami warnings and advisories were issued for much of the Pacific Rim. Waves wreaked havoc along the California’s pacific coast especially in Santa Cruz (115 km south of San Francisco) and in Crescent City, just south of the Oregon border. RMS said that along the California [...]
Aflac fires Gilbert Gottfried for joking about Japanese disaster
Insurer Aflac has fired the Gilbert Gottfried, the voice behind its Aflac duck advertising campaigns. The company said it severed ties with actor and comedian Gottfried after he took to Twitter to post a series of jokes about the Japanese earthquake and tsunami. “Japan is really advanced,” he tweeted just after the earthquake struck the [...]
Japan’s quake, tsunami may cost insurance industry up to $60B, almost like Hurricane Katrina
Japan’s devastating earthquake and tsunami may cost the global insurance industry as much as $60 billion, which would make the disaster the most expensive ever behind Hurricane Katrina, according to early estimates. Global insurance stocks took a hit on Monday as traders reacted to images of flattened towns and ravaged coast lines, but analysts stressed [...]
