Managing general agent SageSure will acquire a unit of GeoVera Insurance Holdings focused on earthquake coverage, allowing it to expand into new markets.
Tag: earthquake insurance
Nearly 75% of the U.S. Could Experience a Damaging Earthquake
Nearly 75 percent of the U.S. could experience damaging earthquake shaking, according to a recent U.S. Geological Survey-led team of 50+ scientists and engineers.
Tsunami Warning Issued After Strong Quake Hits Northeastern Japan
A strong earthquake of estimated magnitude 7.3 hit northeastern Japan late Wednesday, and a tsunami warning was issued for the region’s Pacific coast. The Japan Meteorological Agency said the height of the forecast tsunami was estimated at one meter. The quake struck at around 11:36 p.m. and was centered off the coast of Fukushima prefecture,… Continue reading Tsunami Warning Issued After Strong Quake Hits Northeastern Japan
Texas Earthquakes Prompt New Fracking Rules
Earthquakes are causing a costly new setback for frackers in America’s hottest oil field. Shale companies in West Texas will have to pay more to transport millions of barrels of wastewater that rises from oil wells and, when deposited underground, can aggravate tectonic fault lines. Following a recent spate of earthquakes, state regulators ordered companies… Continue reading Texas Earthquakes Prompt New Fracking Rules
Haiti to Get $40M as Earthquake Triggers CCRIF Parametric Insurance
The Government of Haiti will receive a payout of roughly US $40 million after its CCRIF parametric insurance policy was triggered by the devastating earthquake that struck the country on August 14th, with $15 million to be delivered within 7 days of the event. As we explained yesterday, we had been expecting a payout would… Continue reading Haiti to Get $40M as Earthquake Triggers CCRIF Parametric Insurance
Farmers Insurance Settles Lawsuits over Oklahoma Earthquake Coverage
Farmers Insurance is paying millions of dollars to settle lawsuits that accused it of cheating Oklahoma policyholders who filed claims for earthquake damage. In the latest lawsuit, Attorney General Mike Hunter complained last week that Farmers violated state consumer protection laws and unjustly enriched itself at the expense of Oklahomans. “In the course of its… Continue reading Farmers Insurance Settles Lawsuits over Oklahoma Earthquake Coverage
Earthquakes Adding to the Pressure on Insurance Companies Amid COVID-19 Crisis
Earthquakes Rocking the World While the coronavirus and the accompanying quarantine have been grabbing all the headlines, there have been several serious earthquakes around the world that have caused some serious damage. These earthquakes – some of which were years ago – are having profound effects on the insurance world in their respective countries. With… Continue reading Earthquakes Adding to the Pressure on Insurance Companies Amid COVID-19 Crisis
Utah Earthquake Puts Spotlight on Insurance Needs
5.7 Magnitude Earthquake On the morning of Wednesday, March 18, an earthquake rocked Salt Lake City in Utah. The earthquake registered at a 5.7 on the Richter scale, the largest in nearly 30 years. As is usually the case, aftershocks followed, themselves sizable at 2.5 to almost 4.0 on the Richter scale. That is the… Continue reading Utah Earthquake Puts Spotlight on Insurance Needs
Aftershock: Earthquake Insurance Rates to Soar for Many Californians
A quarter of the 1 million Californians who have purchased earthquake insurance to protect their homes are in for an unpleasant surprise in coming months: Their insurance premiums could double or triple or more. The pain in their pocketbooks isn’t because of the twin quakes that rocked Ridgecrest, California, on July 4 and 5. Those… Continue reading Aftershock: Earthquake Insurance Rates to Soar for Many Californians
California Disaster Insurance Bill Passes Key Committee Vote
The California Disaster Insurance bill (SB 290), proposed new legislation that could see the introduction of a state insurance policy to assist with natural catastrophe costs, has passed a key committee vote. The bill has been designed in response to the increasing costs of natural catastrophe events in the region, from a range of perils… Continue reading California Disaster Insurance Bill Passes Key Committee Vote