Catastrophe bonds and similarly structured insurance-linked securities (ILS) deals in 2016 propelled the market to record levels, with the approximately US$7 billion in new issuance resulting in an outstanding market size of US$26.82 billion at year-end, notes the latest edition…
The Institute for Catastrophic Loss Reduction (ICLR) will be hosting a webinar on “Great Cascadia megathrust earthquakes” on Thursday, Jan. 26 from 10 a.m. until 11:30 a.m. EST. The workshop, titled “Great Cascadia megathrust earthquakes: Past, present, and future,” will…
OKLAHOMA CITY – Oklahoma regulators said Tuesday that the number of induced earthquakes could increase as oil and gas production expands in a broad area of the state, and they’re telling energy companies that they need to be ready to…
Total economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total…
The insurance industry as a whole needs to focus more on long-term issues, Neville Henderson, the assistant superintendent of the insurance supervision sector of the Office of the Superintendent of Financial Institutions (OSFI), suggested on Wednesday. Speaking at KPMG’s 25th…
The November 13 earthquake affecting New Zealand “serves as a reminder ” of earthquake risk in Oceania, while wildfires — some set deliberately – in Israel, will cause economic losses of over half a billion, Impact Forecasting LLC suggested in…
WASHINGTON – The rate of earthquakes in Oklahoma has dropped dramatically since late May, when the state limited wastewater injections into energy wells, an Associated Press statistical analysis shows. And a new scientific study says the state is on its…
PERILS AG’s second loss estimate for insured property loss associated with Central Italy’s earthquake in August has almost doubled from 34 million euros to 66 million euros. The third loss estimate for the quake is scheduled to be published Feb.…
At least 14 people have been injured by a strong earthquake that struck off Japan’s northeast coast early Tuesday morning, the Associated Press has reported. The earthquake – registering between magnitude 6.9 and 7.4 – struck at about 6 a.m.…
Preparing Canada for an inevitable earthquake is a priority for the insurance industry, as this is recognized as a “national social and economic threat,” said Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), in response to…
The Conference Board of Canada is echoing a recent recommendation by a former federal superintendent of financial institutions for Ottawa to consider adopting a last-resort, emergency back-stop mechanism for a catastrophic earthquake given the long-reaching, adverse effects that the event…
The largest earthquake to hit New Zealand since 2009, registering magnitude 7.8, could contribute to insured losses amounting to US$762 million to US$3.5 billion, catastrophe modelling firm AIR Worldwide reported Thursday. The modelled estimates include insured physical damage to property…