Tens of thousands of homes in northern New Zealand are without electricity as a powerful cyclone begins lashing the South Pacific nation, bringing high winds and intense rainfall. Cyclone Gabrielle is tracking north-east of New Zealand and the center of …
Residents of Auckland, New Zealand’s largest city, are being asked to prepare for further bad weather as a system described as potentially “the most serious storm to impact New Zealand this century” is forecast to hit in coming days. The …
Most insurance payouts due to the earthquake that hit Turkey and Syria ultimately will be borne by global reinsurers, according to Fitch Ratings. “The vast majority of insured losses will be covered by reinsurance, but the amount ceded is likely …
Turkey declared a three-month state of emergency in areas struck by two massive earthquakes earlier this week, allowing the government more leeway for rescue and reconstruction efforts. Emergency teams are racing against the clock to save potentially thousands of victims …
Hundreds of shipping containers were ablaze at Turkey’s Iskenderun Port on Tuesday, shutting down operations and forcing freight liners to divert vessels to other ports. Turkey’s maritime authority said on Monday that the port, located on the Mediterranean coast in …
Rescue teams from overseas began deploying in Turkey on Tuesday after a pair of powerful earthquakes a day earlier killed at least 4,000 people in the country and neighboring Syria, leaving millions to suffer without power or heat throughout a …
New Zealand’s government on Thursday announced NZ$700,000 ($450,000) in additional funding to help rebuild flood-ravaged Auckland and other areas in the upper north island as residents of the country’s second-largest city start cleaning up. Auckland and much of New Zealand’s …
Economic and insured losses from secondary perils from natural catastrophes are accelerating and surpassing the loss totals from primary perils, which is leading reinsurers to require higher attachment points, according to Gallagher Re. “The topic of primary versus secondary perils …
Auckland is bracing for another rain deluge later Tuesday that threatens more surface flooding and land slips on ground already sodden after a record downpour. New Zealand’s MetService is forecasting that a new weather system will strike the nation’s largest …
Major insurers operating in New Zealand including Insurance Australia Group and Suncorp Group have cumulatively received over 9,000 claims so far following severe storms and flooding in and around the biggest city, Auckland. As of Monday morning, Suncorp’s Vero and …
