Live Insurance News

Flash floods in Canada put pressure on insurance industry

July 16, 2013July 13, 2013 S.Vagus

Insurance industry sees spat of floods in Canada Toronto, Canada’s largest city and the provincial capital of Ontario, has fallen victim to devastating flash floods that could have a prominent impact on the insurance industry. Catastrophe modeling firm AIR Worldwide has released a new report concerning the flash floods and the impact that have had on the city. The report notes that in a matter of hours, powerful storms produced more than 4 inches of rainfall on July 8th, leading to unexpected flooding in many parts of the city. Flood…

M6.2 Earthquake Strikes Taiwan Late Sunday Night: AIR Worldwide

June 4, 2013 Guest Author

According to catastrophe modeling firm AIR Worldwide, a magnitude 6.2 earthquake struck central Taiwan Sunday night June 2, 2013, at 9:43 p.m. local time (13:43 UTC), in a sparsely populated region of Nantou County just seven kilometers (4.3 miles) northeast of a similar rupture only two months ago (M6.0 on March 27). The epicenter of the Sunday night quake was located at 23.794oN, 121.082oE, by the United States Geological Survey and estimated to be at a depth of 20 km. AIR does not expect significant insured losses from this event…

Multiple Bushfires Burn More than 60,000 Hectares Across Tasmania

January 8, 2013January 8, 2013 Guest Author

Tasmania Brushfires homeowners insurance

According to catastrophe modeling firm AIR Worldwide, late last week, wildfires exacerbated by hot, dry, and windy conditions spread across parts of southern Tasmania. Temperatures of over 41° C (105.8°F) were recorded in the state capital of Hobart last Friday, the city’s hottest day since recordkeeping began in the 1880s. According to the Tasmania Fire Service, as of 9:30 a.m. (2:30 p.m. UTC) January 7, 2013, thirty-five bushfires are currently active across Tasmania. Six of these blazes have reportedly been contained. Firefighters are still working to control nine more, which…

Typhoon Bopha (Pablo) Impacts the Philippines: AIR Worldwide

December 5, 2012 Guest Author

According to catastrophe modeling firm AIR Worldwide, Super typhoon Bopha made landfall at 2100 UTC on the island of Mindanao with a central pressure of 930 mb and 10 min sustained winds of 100 kts (115 mph)). NASA-TRMM data indicate that there were maximum rainfall rates of 50-75 mm/hr at landfall. According to AIR, given that insurance penetration in this area is around 10% to 20%; insured losses are not expected to be high as a result of this event. “Bopha is a unique storm due to its intensity and…

Hurricane Sandy Expected to Strike at Midnight: AIR

October 29, 2012 Guest Author

insurance news - atlantic hurricane season

According to catastrophe modeling firm AIR Worldwide, As forecast, Hurricane Sandy intensified overnight and its path began to turn toward the U.S. East Coast. As of 11 a.m. EDT, Sandy has maximum sustained winds of 90 mph and is moving north-northwest at 18 mph. Although the NHC’s latest advisory indicates that Sandy’s sustained winds have achieved 90 mph, some weakening is likely to occur before landfall tonight and Sandy is expected to arrive on the south Jersey shore with winds of about 75 mph. As indicated in the National…