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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Allianz reports catastrophe losses on the rise but not the root of industry woes
Risk assessment experts at Allianz, one of the largest insurers in the world, have spoken out about the rising costs insurers are experiencing from natural catastrophe, outlining their findings in risk briefing – Allianz Risk Pulse: Focus Natural Catastrophes. With occurrences of severe weather, earthquakes and flooding, many insurance companies are seeing losses due to natural disasters and, according to Allianz, the number of companies experiencing these losses is on the rise. However, the increase may not be due to natural disasters at all. Allianz finds that the growing trend…
Read MoreInsurance giant reports unexpected fourth-quarter increase
Zurich Financial Services AG, the largest insurer in Switzerland, has reported that its fourth-quarter profit showed little change despite major catastrophes in Australia. Analysts estimated that the net income for the insurer would come in at $1.02 billion, but Zurich is reporting an income of $1.04 billion. Zurich is planning to save more than $500 million over the next three years by making cuts to its general insurance business. The Australian floods have taken a heavy toll on the insurer, raising the combined ratio, a key measure of profitability, to…
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