Tag: "Earthquake"

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Mega-earthquake hotspots include Canada’s Cascadia

By on Jun 24, 2010 in Natural Disasters

Reinsurance intermediary and capital advisor Aon Benfield has released its report ‘When The Earth Moves: Mega-Earthquakes To Come?’ in conjunction with the Aon Benfield UCL Hazard Research Centre.   Following the 2010 Chile earthquake, the new research identifies the Caribbean, Cascadia in North America, Chile, Indonesia and Japan as areas where mega-earthquakes of moment magnitude [...]

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Loss burden from Chilean quake now at $1 billion

By on Jun 16, 2010 in Natural Disasters

The long-term trend towards ever higher natural catastrophe costs continues, Munich Re’s Geo Risks experts conclude in view of the large number of natural catastrophes recently, the latest examples being the earthquake in Chile, hailstorms in Australia and Winter Storm Xynthia in Europe. Munich Re now estimates its loss burden from the earthquake that struck [...]

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Lloyd’s estimates claims from quake, Gulf events

By on Jun 04, 2010 in International Insurance

Lloyd’s announced that it estimates its net claims before tax from the earthquake in Chile to be in the order of US$1.4 billion. It has also announced its current estimates for the net claims from the Deepwater Horizon explosion in the Gulf of Mexico. The estimate stands at between US$300 million and US$600 million. As [...]

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Allianz reports fourfold jump in Q1 profit

By on May 20, 2010 in Financial Reports

  German insurer Allianz SE said it had nearly quadrupled profits in the first quarter of 2010 thanks to growth in its life and health insurance and asset management segments as well as one-off gains. The Munich company reported net income rose to euro1.6 billion (US$2.03 billion) in the first quarter from euro424 million during [...]

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Allianz says quake expenses eating into profits

By on May 13, 2010 in Financial Reports

Insurer Allianz SE said that its first-quarter revenues rose more than 8 per cent but warned that "unusually high” expenses related to natural disasters will weigh on its results. The company said its operating profit was approximately 1.7 billion euros (US$2.2 billion) in the January-March period, compared to 1.4 billion euros last year. Operating earnings [...]

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Fairfax reports Q1 profit

By on May 11, 2010 in Financial Reports

Fairfax Financial Holdings reported a profit of US$290.2 million in its latest quarter, compared with a loss a year ago, helped by strong investment gains. The insurance and investment management firm, which keeps its books in U.S. dollars, said the profit amounted to $14.02 per diluted share in its latest quarter compared with a loss [...]

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Travelers reports Q1 results

By on May 05, 2010 in Financial Reports

Travelers Cos. said that costs of insuring against the damage caused by the Chilean earthquake and winter storms in the eastern United States led to a two per cent decline in its first-quarter profit. Those catastrophes were “unusually significant” during the first three months for Travelers as well as for the entire industry, the company [...]

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Mexican quake insured losses will not exceed $300M

By on Apr 13, 2010 in Natural Disasters

A large earthquake occurred on Sunday, April 4, 2010 in Mexico just south of the California, US border. Nearly 1 million people were exposed to shaking of a very strong intensity, and the earthquake has been reported to be felt over a vast area of Mexico and the US, throughout southern California, and as far [...]

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Reinsurance rates continued softening at renewals

By on Apr 12, 2010 in International Insurance

Aon Benfield has released its April 1, 2010 Update to its Reinsurance Market Outlook report, which reveals that property catastrophe rates continued the softening trend witnessed at January 1st as the market completes April 1 renewals.   Despite significant reinsurer reports of first quarter income impacts, catastrophe losses from the Chilean earthquake, Windstorm Xynthia in [...]

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First quarter of 2010 worst ever for cat losses

By on Apr 08, 2010 in Natural Disasters

An unprecedented US $16 billion in losses from the Chilean earthquake, the European storm Xynthia and other natural catastrophes have made the first three months of 2010 the worst first quarter on record for such events, according to the latest renewals report from Willis Re, the reinsurance broking arm of Willis Group. Willis Re’s 1st [...]

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Swiss Re, NGOs to manage earthquake risk in India

By on Apr 06, 2010 in Risk Management

Swiss Re has partnered with an international non-profit organization, GeoHazards International (GHI), and a New Delhi-based non-profit organization, GeoHazards Society (GHS), to launch a multi-year campaign to improve hospital earthquake safety in India. Swiss Re said that the recent earthquakes in Chile and Haiti are adding urgent alarm calls for pre-disaster risk mitigation and that [...]

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Chile energy losses not expected to exceed $350M

By on Apr 01, 2010 in Natural Disasters

Following a review of expected claims by its energy claims specialists, Marsh has estimated that energy insurance losses from the Chilean earthquake will not exceed $350 million. The estimate does not include any future contingent business interruption claims. Shortly after the 8.8 magnitude earthquake in Chile on February 27, Marsh sent in claims specialists from [...]

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RSA announces impact of Chilean earthquake

By on Mar 15, 2010 in Featured, Natural Disasters

View the video here on your mobile device. RSA has announced the impact of the Chilean earthquake on its business. RSA Insurance Group is the leading general insurer in Chile through its wholly-owned subsidiary, Royal & SunAlliance Seguros Chile. The February 27 earthquake caused widespread damage throughout Chile and, while the situation is still evolving, [...]

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Quake losses unlikely to impact Chilean P&C ratings

By on Mar 15, 2010 in Featured, Natural Disasters

View the video here on your mobile device. Based on preliminary analysis, Fitch Rating believes that the Chilean property/casualty insurance industry will likely be able to absorb losses from the earthquake and Tsunami that hit the central-south part of Chile on February 27. However, industry profitability ratios will be negatively impacted, and the 2010 fiscal [...]

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Earthquake in Taiwan: damage minimal

By on Mar 09, 2010 in Featured, Natural Disasters

View the video here on your mobile device. Early in the morning of March 4, a magnitude 6.4 earthquake struck south central Taiwan. Risk modeler EQECAT said that while there was moderate shaking throughout the epicentral region, which is mountainous and relatively remote, most portions of Taiwan, including the capital of Taipei, 250 km north [...]

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Chilean earthquake damages could cost $15 – $30B

By on Mar 09, 2010 in Featured, Natural Disasters

View the video here on your mobile device. On February 27, an 8.8-magnitude earthquake struck south of Chile. While the country declared a state of catastrophe, evaluations are still being made to assess the damages. Risk modeler EQECAT estimates the total value of economic damage to be in the range of $15 to $30 billion [...]

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Haiti quake may have caused $14 billion in damage

By on Feb 24, 2010 in Featured, Natural Disasters

View the video here on your mobile device. The main development bank for Latin America says the January 12 earthquake that ravaged Haiti’s capital might have caused nearly $14 billion in damage. The preliminary study released on February 16 says the magnitude-7 earthquake could be the deadliest and costliest disaster on a list that dates [...]

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CCRIF, CIMH support Haitian reconstruction efforts

By on Feb 18, 2010 in Featured, Natural Disasters

View the video here on your mobile device. As efforts in Haiti start focusing on providing shelter for earthquake survivors, on the re-building and reconstruction process, and on improving scientific understanding of earthquake risks, it is not too soon to focus also on hydro-meteorological hazards. The hurricane season starts in four short months – on [...]

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California quake damage at almost $22 million

By on Jan 19, 2010 in Featured, Natural Disasters

View the video here on your mobile device. Officials in Eureka, California say that the January 9 earthquake that rattled the area could bring losses of about $21.8 million dollars. The 6.5 magnitude earthquake was centered in the ocean about 40 kilometers from the coastal city of Eureka and left property damage, with no reports [...]

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