Earthquakes News

Oil Companies Sued by Oklahoma Tribe Over Quake

An Oklahoma-based Native American tribe filed a lawsuit in its own tribal court system Friday accusing several oil companies of triggering the state’s largest earthquake that caused extensive damage to some near-century-old tribal buildings. The Pawnee Nation alleges in the …

Colombia’s Regulator Approves RMS Earthquake Model for Use by Insurers

RMS, the the Newark, Calif.-based catastrophe risk management firm, has received approval from the Colombian insurance regulator, Superintendencia Financiera de Colombia (SFC), to offer catastrophe modeling services to national and global insurance companies writing earthquake risk in Colombia. Insurers writing …

Colombia’s Insurance Regulator Approves Use of AIR’s Earthquake Model

Catastrophe modeling firm AIR Worldwide (AIR) announced that its earthquake model for Colombia has been approved by the country’s insurance regulator, the Superintendencia Financiera de Colombia, for use by domestic insurance companies in managing their earthquake risk. “The Colombian government …

PERILS Forms Alliance with CatIQ to Provide Industry Loss Data for Canada

PERILS, the independent Zurich-based organization that provides industry catastrophe insurance data, has announced that it has entered a strategic alliance with Toronto-based Catastrophe Indices & Quantification Inc. (CatIQ) to provide industry loss data for Canada via the PERILS Industry Loss …

Re/Insurers Can Help Bridge Protection Gap with Technology: GA Report

Digital technologies can be harnessed by the re/insurance industry to narrow insurance protection gaps in developing and emerging markets, thereby improving societal resilience after natural disasters, according to a report published by the Geneva Association. However, the protection gap problem …

Insured Loss Estimate for Italy’s October Quakes Hits $134.2M: PERILS

PERILS AG has disclosed its second loss estimate for the series of earthquakes which hit Central Italy between Oct. 26 and Oct. 30, 2016. Affecting the regions of Lazio, Marche and Umbria, the series included three major earthquakes with moment …

Oklahoma Creates Fracking Guidelines with Goal of Reducing Quake Risk

Oklahoma is imposing guidelines to reduce the risk of earthquakes caused by hydraulic fracturing in its oil-rich shale formations, the first rules in the state to target the controversial production technique. The guidelines are aimed at the South Central Oklahoma …

Insured Cat Losses in 2016 Totaled $49B, with $158B of Economic Costs: Swiss Re

More than 10,000 people died as a result of natural and man-made disasters during 2016, with financial losses totaling at least $158 billion, Swiss Re said on Thursday. At an estimated $49 billion, insured losses rose by nearly a third …

Caribbean Cat Facility, CCRIF, Pays Nicaragua $1.1M for Hurricane Otto

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) made a payout of US$1.1 million to the government of Nicaragua as a result of damages from Hurricane Otto. Damages triggered a CCRIF payment on the country’s tropical cyclone policy, which …

New Zealand Quake’s Insured Losses Estimated at $705M-$3.5B: Aon Cat Report

Insurance losses from last month’s magnitude 7.8 earthquake in New Zealand are likely to range between NZ$1.0 to 5.0 billion (US$705 million and US$3.5 billion), according to a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team. At …