Tag: earthquake

The World’s Most Expensive Insurance Claims

Guest Author
Insurance News on catastrophe insurance losses

Damages add up big time for insurance industry. Insurance policies provide your business with security and assurance that your assets and possessions are accounted for in the event of unfortunate circumstances that directly affect your operations. Problems arise and come in different forms, but during the past decade, certain elements have become regular contributors in creating the most expensive insurance claims. By being able to identify and learn more about these factors, you can figure out if including them in your insurance policy is worth looking into. Natural elements Today’s…

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Lloyd’s of London reports second largest loss from 2011’s insurance market swing

Julie Campbell

The insurance market of Lloyd’s of London LOL.UL has reported that it experienced its second largest losses in 2011, following the absorption of record breaking claim costs resulting from the natural catastrophes that included the earthquake and tsunami in Japan, as well as the flooding in Thailand. This statement was made on March 28, as it compared its last year’s loss of £516 million with the profit that it made in 2010, of £2.2 billion. The reported loss included the combined financial performance of the eighty insurance syndicate competitors which…

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Strong Earthquake Strikes Central Chile; No Tsunami or Significant Damage Reported

Guest Author

According to catastrophe modeling firm AIR Worldwide, yesterday evening, a M7.1 earthquake struck central Chile approximately 27 kilometers north-northwest of the city of Talca (approximate population of 200,000). According to the United States Geological Survey (USGS), the earthquake occurred at 7:37 PM local time (22:37:06 UTC) and struck at a depth of 34.8 kilometers. “The earthquake occurred on the subduction zone that was partially ruptured by the 2010 earthquake; it can therefore be considered another aftershock of the 2010 earthquake,” said Dr. Tao Lai, principal engineer at AIR Worldwide. “It…

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2011 disaster losses break records from previous years

H. Cutner

This year was one that brought disasters to areas all around the globe, and these catastrophes came with record breaking bills that have left the figures from previous years behind. According to the data from Swiss Re AG, a reinsurance company, the quakes and tsunami in Japan, the earthquakes in New Zealand, the Thailand floods, and the large number of American tornadoes brought a global disaster loss total up to a staggering $350 billion. The tremendous amount of devastation brought production at factories to a grinding halt and cut off…

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Virginia’s request for aid in wake of August earthquake is approved by FEMA

S.Vagus

FEMA has approved a second request for aid coming from Virginia to help recover from a powerful earthquake that struck the state in August of this year. The 5.8-magnitude has caused more than $22 million in damage to date. Given the rarity of earthquakes in the Eastern U.S., few Virginia residents have adequate insurance coverage for such happenings. More than 1,404 homes have been damaged by the quake and the 40 aftershocks that shook the state in the following weeks. FEMA had initially denied the request for aid after insurers…

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