Powerful M7.8 Earthquake Strikes Iran-Pakistan Border

  According to catastrophe modeling firm AIR Worldwide, just after 3:00 p.m. local time (10:44 UTC) on April 16, a powerful M7.8 earthquake struck… a sparsely populated area of southeastern Iran about 50 kilometers (30 miles) from the country’s border with Pakistan. According to the United States Geological Survey (USGS), the earthquake struck at a depth of 82 kilometers (51 miles). The Iranian Seismological Center characterized the quake as the worst to strike the country in 40 years. It was felt as far away as New Delhi, India, and the…

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Thai floods: One year later

Thailand Floods 2011

Lloyd’s of London analysts examine impact of Thai floods Just over a year ago, severe flooding in Thailand caused by a powerful and unforgiving monsoon season caused havoc in Bangkok and other cities throughout the country. Analysts from Lloyd’s of London have come together to examine the effects that the Thai floods had on the insurance industry and the country. The floods produced some $45.7 billion in damages, $12 billion of which was shouldered by insurance and reinsurance companies that operate in the country. Lloyd’s of London itself accounted for…

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Insurance news is good for Lloyd’s of London

insurance industry report

The market will now be returning to profit once more. Lloyds of London has released their most recent insurance news, and it sounds very positive after experiencing no major natural disasters in the first half of the year, allowing the market to return to half-year profitability. The pre-tax profit that the insurance market has estimated for the first half of 2012 is £1.53 billion. When compared to the first half of 2011, in which the claims from the March tsunami in Japan were coming in, Lloyd’s of London had experienced…

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Global insurance industry may be in for change as regulators come together to draft new rules

In the wake of major natural disasters and allegations of corruption, the world’s insurance industry is set for change. Insurance regulators from several nations have begun drafting new rules to present to political leaders in time for the 2012 G20 summit .These new rules are being tailored to ensure that the actions that spurred the 2008 economic recession cannot be repeated in the future. Both the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB) are playing a major role in drafting the new rules. Overall, the…

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