The Fukushima Mw 7.1 earthquake occurred at 23:07 local time (14:07 UTC), on Saturday February 13. The United States Geological Survey (USGS) reported the epicenter to be 96.6 km southeast of Sendai, Japan at a depth 49.9 km. The Japan Meteorological Agency (JMA) reported this event to be Mj 7.3, at a depth of 55 km. Multiple aftershocks occurred within less than an hour, and ... Continue Reading »
Earthquake
Regional Inequalities: Protecting our Planet and the Public Purse
Climate change is a top priority for companies and governments around the world, but it will not impact all geographies in the same way, or to the same degree. Guy Carpenter's new report, Protecting our Planet and the Public Purse, looks into the potential for accentuated global inequalities under climate change and how the protection gap falls across higher and lower income ... Continue Reading »
CAT-i Report: M6.4 Earthquake Offshore Southwest Puerto Rico
Southern Puerto Rico was affected by a Mw 6.4 earthquake early on January 7, 2020, after experiencing a Mw5.8 earthquake the day before. Since late December, the region had been shaken by more than 200 M4+ earthquakes. The North American and Caribbean tectonic plates converge along the southwest and west of Puerto Rico, and this was the source of the recent stronger shaking ... Continue Reading »
2019 Asia Pacific Catastrophe Reinsurance Report
Guy Carpenter has released its 2019 Asia Pacific Catastrophe Reinsurance Report. The report reviews property catastrophe cover trends; market conditions, including losses and pricing; and catastrophe events in each of the major Asia Pacific countries during 2019. The Executive Summary of the report highlights key findings, including discussion of the various catastrophe ... Continue Reading »
Modeling Insights
Here we review recent GC Capital Ideas posts covering insights on modeling. Terror: The Role of Technology and Analytics: Terrorism, political violence and other malicious acts differ from other insurable perils in that they are dynamic and adaptive; there is human intent driving the probability and willing the impacts to change. Historic incidents show past trends, but ... Continue Reading »
Parametric Risk Transfer – When Does It Make Sense?
Parametric insurance provides cover for predetermined catastrophic natural events such as an earthquake exceeding a certain magnitude, a hurricane producing a certain wind speed at a location, or a flood reaching into certain areas. The insured buys a predefined amount of protection that will pay out based on predefined terms regardless of the actual loss incurred. Parametric ... Continue Reading »
Searles Valley Earthquake Sequence: Mw 6.4 and Mw 7.1 Events
Summary A pair of significant earthquakes struck the Searles Valley, California area (Kern County) on July 4 and 5, 2019, according to the U.S. Geological Survey (USGS). On July 4, an estimated Mw 6.4 earthquake occurred approximately 11 miles (18km) ENE from Ridgecrest (population approximately 28,000) around 10:33 AM local time. This was followed by a larger Mw 6.9 ... Continue Reading »
Mw 6.7 Earthquake – Near Coquimbo, Chile
A 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, ... Continue Reading »
Taiwan: Catastrophe Insurance and Gap in Coverage
Taiwan 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 »
GC Capital Ideas: CAT-i Stories: Fourth Quarter 2018
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 ... Continue Reading »
