The World’s Most Expensive Insurance Claims

Insurance News on catastrophe insurance losses

Damages add up big time for insurance industry. Insurance policies provide your business with security and assurance that your assets and possessions are accounted for in the event of unfortunate circumstances that directly affect your operations. Problems arise and come in different forms, but during the past decade, certain elements have become regular contributors in creating the most expensive insurance claims. By being able to identify and learn more about these factors, you can figure out if including them in your insurance policy is worth looking into. Natural elements Today’s…

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M 7.3 Earthquake Strikes Off Japan; Little Damage Reported: AIR

Insurance industry News

BOSTON, Dec. 7, 2012 – According to catastrophe modeling firm AIR Worldwide, a magnitude 7.3 earthquake struck off the northeast coast of Japan today, 270 kilometers from the Japanese city of Sendai, at 18:18:24 local time. The event struck in the same plate boundary region impacted by last year’s devastating M 9.0 Tohoku earthquake, although that quake’s epicenter was about 150 kilometers closer to mainland Japan. According to AIR, given the distance of this event from shore, only minimal non-structural damage is expected, and insured losses are not expected to…

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Understanding Earthquake Risk in Japan Following the Tohoku-Oki Earthquake

BOSTON, Feb. 16, 2012 – Catastrophe modeling firm AIR Worldwide released a new report titled, “Understanding Earthquake Risk in Japan Following the Tohoku-Oki Earthquake of March 11, 2011.” The M9.0 Tohoku earthquake changed the seismic risk landscape of Japan. In response, AIR scientists have conducted a detailed analysis of whether and where the stresses relieved by the Tohoku earthquake have been transferred to neighboring faults. Although damage from this event is most closely associated with the massive tsunami-which in places reached a height of more than 30 meters and demolished…

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Japan at risk of more strong quakes in the next four years, say seismologists

Japan is still working to recover from a massive magnitude-9.0 earthquake that rocked the nation last year. The quake generated a tsunami that claimed 20,000 lives and spurred a nuclear crisis that continues to this day. While it will certainly not be the last quake Japan experiences in its lifetime, seismologists from the University of Tokyo say that the next quake will come sooner than expected. According to researchers, there is a 70% chance that the nation will be hit by a powerful quake of magnitude-7.0 or higher within four…

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U.S. Regulators consider need for nuclear plant safety improvements

American regulators have been looking into whether or not U.S. nuclear plants require improved safety measures after having seen the disaster in Fukushima following the Japan earthquake in March 2011. Even though testing has found the American plants to be fundamentally sound, the U.S. Nuclear Regulatory Commission still found room for improvements. According to the Commission Chairman Gregory Jaczko, the review was a part of a 90-day task force – which is now two thirds complete – that has revealed that there are mixed results beginning to emerge. Jaczko explained…

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