Catastrophe News

San Andreas Movie: Facts Within Fiction

Released in late spring 2015, the movie San Andreas tells the story of massive earthquakes devastating California as a helicopter pilot and his (formerly estranged) wife try to find and rescue their daughter. Having defeated the likes of genetically engineered …

U.S. Power Grid Attack Could Cause $70 Billion in Insurance Losses: Lloyd’s Report

A cyber attack on the U.S. power grid in the Northeast would have far-reaching implications including the loss of lives, economic losses of as much as a trillion dollars, the disruption of water supplies and transportation, and potentially more than …

Amtrak Concedes to Liability in Philadelphia Train Derailment Cases

Amtrak said it will concede that it’s liable for most damages caused by the May 12 train derailment in Philadelphia that killed eight passengers and injured dozens. The railroad acknowledged Friday in responses to two lawsuits that it won’t contest …

Willis Re Launches $400M Reinsurance Facility to Cover Catastrophic Liabilities

Willis Re, the reinsurance division of Willis Group Holdings plc, has established a syndicated reinsurance facility providing the broadest protection available for insurers against catastrophic and systemic loss accumulations arising from liability portfolios. Named PRIMO, the facility responds to increasing …

Earthquake in Nepal Kills at Least 41, Injures Many, on Heels of April Temblor

An earthquake in Nepal on Tuesday killed at least 41 people and injured more than 1,000, a little over two weeks after thousands died in an even more powerful temblor. The 7.3 magnitude quake at 12:35 p.m. Indian time was …

A.M. Best: Australia’s Nat Cat Losses Will Challenge Underwriting Profits

A string of recent major natural catastrophe events in Australia is expected to materially affect non-life insurers’ upcoming earnings for the fiscal year that ends June 30, 2015, according to an A.M. Best briefing. However, the Best’s Briefing, titled, “Recent Natural Catastrophe …

Guy Carpenter Launches G-CAT® Canada Flood Model

Guy Carpenter launched its G-CAT® Canada Flood Model, which it describes as the first ever probabilistic flood model for Canada that enables insurers to assess their exposure to flood, Canada’s most frequently occurring natural hazard. Large areas of Canada experience …

RMS Releases Updated Europe Windstorm, North Atlantic Hurricane Models

RMS, the Newark, Calif.-based catastrophe risk management firm, has released updated RMS Europe windstorm models and North Atlantic hurricane models. The 15.0 RMS Europe Windstorm Models’ hazard and vulnerability components have been updated to strengthen risk selection and portfolio management …

Climate Change Modeling on Cusp of Paradigm Shift

In the face of growing interest in climate change impacts, several big catastrophe modelers said they’ve heard from more clients interested in receiving climate-related data and they believe the field is on the cusp of a change in the way …

Sophisticated Resilience Model in Development in Colorado – And It’ll be Free

Efforts are underway in Colorado to build a sophisticated computer model that will offer a look down to the minute details at just how communities may withstand – or crumble under – perils like earthquakes, hurricanes, tornadoes, tsunamis and other …