Live Insurance News

M6.2 Earthquake Strikes New Zealand’s North Island: AIR

January 20, 2014 Guest Author

BOSTON, Jan. 20, 2014 – According to catastrophe modeling firm AIR Worldwide, at 9:52 p.m. Eastern Time, on January 19 (3:52 p.m., local time, January 20), a magnitude 6.2 earthquake struck New Zealand’s North Island. The epicenter was located 111 km (69 miles) northeast of Wellington, New Zealand’s capital city and second most populous area, and 34 km (21 miles) south-southeast of Palmerston and 37 km (23 miles) north-northeast of Masterson. Strong shaking was felt in the vicinity of both Palmerston and Masterson. The quake struck at a depth of…

Strong M7.1 Earthquake Strikes the Central Philippines: AIR

October 16, 2013 PR Article

BOSTON, Oct. 16, 2013 – According to catastrophe modeling firm AIR Worldwide, at 8:12:32 Tuesday morning (UTC), a magnitude 7.1 earthquake struck the central Philippines. The epicenter was located about 619 kilometers south southeast of Manila near the city of Catigbian on Bohol Island. The quake struck at a depth of 20 kilometers and caused widespread damage. The early morning timing of Tuesday’s temblor combined with the closure of schools and offices due to a national holiday likely mitigated the quake’s deadly impact. However, there are still many reports of…

Landslides and Building Damage Follow Earthquake in Gansu Province, China: AIR

July 22, 2013 Guest Author

BOSTON, July 22, 2013 – According to catastrophe modeling firm AIR Worldwide, rural communities in northwest China’s Gansu province experienced a devastating earthquake on July 21 at 23:45:56 UTC (July 21, 7:45 a.m. local time). Because of its low population and agricultural economy, there is little exposure in Gansu province and insurance take-up rates are low. While damage is likely to be serious and potentially widespread, AIR does not expect significant insured losses from this event. The magnitude of the earthquake has been estimated as 6.6 by the China Earthquake…

Powerful M7.8 Earthquake Strikes Iran-Pakistan Border

April 17, 2013April 17, 2013 Guest Author

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…

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

April 10, 2013 Guest Author

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…

Magnitude 7.6 Earthquake in Philippines; Triggers Tsunami Warnings

August 31, 2012September 1, 2012 Guest Author

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…

Magnitude 6.0 Earthquake Strikes Italy’s Emilia Romagna Region: AIR

May 21, 2012 Guest Author

According to catastrophe modeling firm AIR Worldwide, in the early morning hours (2:03 UTC) of Sunday, May 20, an earthquake struck the Emilia-Romagna region of northern Italy. The US Geological Survey issued a moment magnitude estimate of 6.0 for the event. Italy’s National Institute of Geophysics and Volcanology (INGV) reported a local magnitude of 5.9. Focal depth is estimated at between 6.3 km (by INGV) and 10 km (USGS), making this a shallow event. Indeed, the shallowness of today’s earthquake will likely exacerbate the damage. The largest aftershock reported so…