Posts Tagged ‘Earthquake’



January 22nd, 2019

Mw 6.7 Earthquake – Near Coquimbo, Chile

Posted at 5:14 PM ET

1_smallA magnitude (Mw) 6.7 earthquake was reported near Coquimbo, Chile around 01:32 UTC January 20, according to the U.S. Geological Survey (USGS). The epicenter was located at a depth of 53 km (33 miles) and about 15 km (9 miles) SSW of Coquimbo, Chile, between the regions of Atacama and O’Higgins. Media reports to date indicate variable damage to property and infrastructure, although impacts appear to have been limited by the resilient building codes in the area. Some disruption to transportation has also been reported, along with some impacts to infrastructure and numerous power outages. Continue reading…

January 8th, 2019

Taiwan: Catastrophe Insurance and Gap in Coverage

Posted at 1:00 AM ET

14shades_thumbnailTaiwan has experienced a series of extreme weather events in recent years, which are expected to continue into the future, says the report 14 Shades of Risk In Asia-Pacific: Evolving Risk Concerns in Asia-Pacific by Marsh & McLennan Companies’ Asia-Pacific Risk Center. Continue reading…

December 26th, 2018

GC Capital Ideas: CAT-i Stories: Fourth Quarter 2018

Posted at 1:00 AM ET

Here is a look back at the CAT-i articles from October 1 through December.

Mw 7.0 Earthquake – Near Anchorage, Alaska: The magnitude (Mw) 7.0 earthquake near Anchorage, Alaska, on November 30 occurred at a depth of 44.1 km as the result of a slip on an intraslab fault within the subducting Pacific slab. According to the United States Geological Survey, the faulting involved a moderately dipping fault striking north-south, below the shallower thrust-faulting interface between the Pacific Plate and the North America Plate. A tsunami warning was issued but later lifted by the U.S. National Weather Service. Damage was reported to buildings, including interior damage and some cracked foundations with some building collapses.

Read the article >>

California Wildfire Activity: November Wildfire activity in California rendered especially severe impacts in Northern and Southern California, including areas of Butte, Los Angeles and Ventura Counties.  Rates of extreme fire spread were enabled by especially dry, windy conditions on November 8 and the days following. Aggressive firefighting efforts allowed containment efforts to progress despite adverse conditions. Camp, Woolsey and Hill Fires burned an estimated 20,297 structures since November 8, including at least 13,972 residential structures from the Camp Fire alone, according to Cal Fire statistics (as reported in the CAT-i on November 29). These fires have also claimed at least 91 lives. Media reports indicate estimated insured losses for the Camp and Woolsey Fires of around USD 9-13 billion as reported by RMS.

Read the article >>

Hurricane Michael: Hurricane Michael, the strongest hurricane to affect the Continental U.S. since Hurricane Andrew in 1992, made landfall on October 10 as a high-end Category-4 hurricane on the Florida Panhandle, with maximum sustained winds of 155 mph. The storm rendered severe to complete damage to areas from Panama City to Port Saint Joe, with especially severe damage in Mexico Beach due to severe wind and storm surge. Wind caused roof and wall collapse, especially for cinderblock construction and even commercial properties. Some coastal areas of Mexico Beach were scoured to the foundation by storm surge and wave battering. At least 12 fatalities were reported by media by the time the CAT-i was released.

Read the article >>

Super Typhoon Trami: In the West-Pacific Basin, Typhoon Trami made landfall in the city of Tanabe, Japan (Wakayama prefecture) on 30 September, according to media reports. Before reaching Honshu, the typhoon had rendered considerable impacts while making close approach to Okinawa, Kyūshū and Shikoku Islands. Trami brought significant flood impacts as a result of heavy rainfall and storm surge, as well as variable property damage due to wind. Significant power outages and transportation disruption were reported by media. Over 4.3 million people were given evacuation orders or advisories. Media reports indicated at least four fatalities and 120 injured.

Read the article >>

Click here to register to receive e-mail updates >>

November 30th, 2018

Mw 7.0 Earthquake – Near Anchorage, Alaska

Posted at 4:59 PM ET

alaska-eq_small_newA magnitude (Mw) 7.0 earthquake was reported near Anchorage, Alaska around 17:29 UTC on November 30 (8:29 local time), according to the U.S. Geological Survey (USGS). The epicenter was located at a depth of 44.1 km and about 12.9 km (8.0 miles) north of Anchorage, Alaska. A tsunami warning was issued but later lifted by the U.S. National Weather Service. Initial media reports indicate that the event rendered considerable damage to infrastructure including roads, power and water, along with significant transportation disruption. Damage has been reported to buildings including interior damage and some cracked foundations with some building collapses. Initial media reports indicate no fatalities or injuries, although survey efforts are still ongoing.

Continue reading…

September 9th, 2018

Mw 6.6 Earthquake – Iburi, Hokkaido

Posted at 8:48 PM ET

hokaido-earthquake-smallA magnitude (Mw) 6.6 earthquake struck the island of Hokkaido in northern Japan at 18:07 UTC on  September 5 (03.07 JST on September 6), according to the U.S. Geological Survey (USGS). The epicenter was located at a depth of 33.4 km in the Iburi Subprefecture, about 20 km east of the coastal city of Tomakomai and 62 km southeast of Sapporo. No tsunami warning was issued. The event triggered significant landsliding causing damage to buildings and vehicles, as well as widespread power outages. Reports indicate nearly three million households without power, affecting about half of the 5.3 million residents of the Island. Media reports indicate at least sixteen fatalities and over 150 injured, with 26 others still missing. It will take time to fully assess the scope and severity of this event, and our first thoughts and concerns are with those affected.

Continue reading…

June 25th, 2018

Volcanic Eruptions: A Complex and Largely Overlooked Risk

Posted at 1:00 AM ET

Delioma Oramas-Dorta, Catastrophe Risk Analyst

Contact

Volcanic eruptions are complex phenomena that may affect populations and economies in ways we may not be familiar with. Large volcanic eruptions can spew ash spreading hundreds or even thousands of kilometers; and deposited ash may damage buildings at different levels, from catastrophic structural damage in extreme cases of significant ash fall accumulation, to abrasion or corrosion of nonstructural elements such as roofs, gutters and cladding.

Continue reading…

May 9th, 2018

Hawaii Volcanic Activity

Posted at 2:00 AM ET

hawaii1Event Summary

On Thursday, May 3, the Island of Hawaii experienced an eruption in the Kilauea volcano summit. Two large earthquakes occurred the following day among hundreds of smaller quakes and some large aftershocks. There have been a total of 10 fissures confirmed so far by the County of Hawaii, with an estimated 387,000 square feet of lava spread. At least 35 structures have been destroyed according to the Government of Hawaii, and evacuations have affected at least 1,700 people. The most severely affected area is the Leilani Estates Subdivision, which is located directly in the Lower East Rift Zone. It is too early to estimate the scope and severity of impacts, and our first thoughts and concerns are with those directly affected by this active event.

Continue reading…

November 1st, 2017

Asia Pacific Catastrophe Report 2017: Executive Summary: Losses

Posted at 4:00 AM ET

cover-thumbInsured losses in Australia and New Zealand were the largest events. The region was also impacted by floods in China, India and Thailand and an earthquake in China. Once again, flood was a major contributor to economic losses in the region, but often in areas where insurance penetration was limited. Flood is difficult for (re)insurers to model, but Guy Carpenter has made significant steps to help clients deal with the problems.

Continue reading…

October 15th, 2017

Reinsurance Market Poised to Remain Vibrant Following Recent Catastrophe Events - GC@PCI Commentary

Posted at 11:30 AM ET

priebe_david_photo-sm1David Priebe, Vice Chairman

Contact

  • The recent series of catastrophic events - earthquakes in Mexico, Hurricanes Harvey, Irma and Maria - is reminding cedents that reinsurance is one of the most effective ways to protect corporate capital bases
  • Harvey on its own is likely an earnings event that will probably not require an increase of industry capital; the addition of the cumulative effect of the earthquakes in Mexico and Hurricanes Irma and Maria, however, could create a capital event
  • The earthquakes and hurricanes provide an opportunity to define the viability and effectiveness of the 144A product. We expect that these instruments will demonstrate their effectiveness and serve their intended purpose

Continue reading…