M6.3 Earthquake Strikes Iran Coast near Nuclear Plant, Minimal Insured Losses Expected

Iran Earthquake

According to catastrophe modeling firm AIR Worldwide, this morning, an M6.3 earthquake struck 55 miles southeast of Bandar Bushehr near Iran’s southwest coast, however insurance losses are expected to be minimal. According to the United States Geological Survey (USGS), the earthquake occurred at 3:22 p.m. local time (11:52:50 UTC) and struck at a depth of 10 kilometers (6 miles). The main shock was followed by six aftershocks, according to the Iran Seismological Centre, the strongest of which was M5.3. According to AIR, with its epicenter located at 28.5° North latitude…

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Holes in Homeowners Insurance Policies

Homeowners Insurance Rates

Homeowners insurance is something that every owner has to have. Your home might be your biggest asset and is probably the biggest purchase you will ever make, so it would stand to reason that you would want to protect it from unforeseen events that might harm it causing expensive damage. And you’re not the only one who wants to protect your home, at least while it’s still partially owned by the bank. While you are paying off your mortgage, you are also required to have homeowners insurance to protect the…

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Magnitude 7.6 Earthquake in Philippines; Triggers Tsunami Warnings

Earthquake in Philippines

BOSTON, Aug. 31, 2012 – According to catastrophe modeling firm AIR Worldwide, a major earthquake struck off the town of Guiuan (population 44,000) in Samar province at 12:47 UTC today. The USGS had initially issued a magnitude of 7.9 for the event but later downgraded the estimate to 7.6. Depth is issued at 34.9 kilometers. Because today’s event occurred off the coast of Philippines and take-up rates in the affected region are low, insured losses resulting from this event are expected to be minimal. According to AIR, Immediately after the…

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Magnitude 8.6 Earthquake Off Sumatra Triggers Tsunami Warning But Causes Little Damage

BOSTON, April 11, 2012 – According to catastrophe modeling firm AIR Worldwide, this morning, a M8.6 earthquake struck off the west coast of Northern Sumatra, approximately 434 km southwest of Banda Aceh, the closest population center. According to the United States Geological Survey (USGS), the earthquake occurred at 2:38 PM local time (8:38:37 UTC) and struck at a depth of 22.9 kilometers. The main shock was followed by a series of moderate aftershocks until a little more than two hours later, when a M8.2 aftershock struck 618 km south-southwest of…

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AIR Estimates Losses from Turkey’s Van Earthquake at Between 100 million TRY (55 million USD) and 300 million TRY (170 million USD)

Catastrophe modeling firm AIR Worldwide estimates that insured losses from the M7.2 earthquake that struck eastern Turkey Sunday, October 23rd, near the city of Van will be between 100 million TRY (55 million USD) and 300 million TRY (170 million USD). (The range in losses results from uncertainties that exist in estimating earthquake source parameters e.g., magnitude, rupture length, depth, dipping angle, etc.)  Today, the third day since the Van earthquake, aftershocks continue in eastern Turkey. At least 400 aftershocks above M 3.0 have been reported in total, with the…

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