Faced with hundreds of big, hard-to-control blazes, California is struggling with what could be its most expensive firefighting season ever, burning through $285 million in the last six weeks alone and up to $13 million a day. With the worst …
Most of the largest corporations in North America are exposed to natural disasters, but many are not well-prepared for such catastrophes and are not overly concerned about the potential business impact, according to a new study released by business property …
UK Flood Model Risk Management Solutions has released a major new upgrade to its U.K. Inland Flood Model. “The upgraded model will enable all segments of the insurance industry to drill down to a finer level of detail than ever …
Risk Management Solutions announced that a $200 million Multi-Peril Securitization has become the first catastrophe bond issued using RMS Paradex Europe WiNdstorm index for risk analysis. RMS said it has “performed the risk analysis for a catastrophe bond covering four …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of Bermuda-based AXIS Specialty Limited (AXIS) and its operating affiliates. Best also affirmed the ICR of “bbb+” and all …
New Seismic Models Make Ground Motion Predictions More Accurate The accuracy of ground motion prediction from shallow events in the active tectonic regions in the Western United States, such as California, has improved, thanks to new ground motion models. A …
Is There a Duty to Advise About Adequacy of Coverage? Author’s note: This month’s column will examine the liability of a broker for an alleged failure to advise the insured about the adequacy of insurance coverage. The next column in …
Although this new suburb of 80,000 people was just a few miles from the epicenter of a 5.4-magnitude earthquake, the city withstood the shaking with almost no damage at all. If a quake had to hit somewhere in densely populated …
Despite shaking a large swath of Southern California, a magnitude-5.4 earthquake was not the “Big One” that scientists have long feared. Still, it rattled nerves, causing people to vow to step up their emergency preparations. The quake, which rocked the …
China’s independent insurance agency and brokerage group CNinsure Inc. announced that “twelve of its affiliated insurance intermediary companies, including eight insurance agencies, one insurance brokerage and three insurance claims adjusters, were among China’s top 20 in their respective categories.” The …
