BOSTON, March 23 (Korea Bizwire) — According to Verisk Extreme Event Solutions (formerly AIR Worldwide), insured losses to properties from the March 16 M7.3 earthquake that struck offshore the island of Honshu, Japan, will be between JPY 240 billion (~USD 2 billion) and JPY 490 billion (~USD 4 billion). Of that, between JPY 50 billion [...]
SEOUL, Jan. 15 (Korea Bizwire) — The Korea Meteorological Administration (KMA) held the official launch of its new ‘Earthquake Monitor Video Service’ on Wednesday. This service enables users to view the state weather agency’s real-time earthquake monitors and analysis through YouTube videos. Thus far, the KMA’s earthquake information was limited to only earthquake alerts that [...]
Boston, July 27 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide (AIR) announced the release of its updated Earthquake Model for Australia. These updates were prompted by findings in the National Seismic Hazard Model from Geoscience Australia (GA), which challenged established conceptions of Australia’s seismic hazard and generally decreased the view of seismic hazard [...]
Boston, Sept. 3 (Korea Bizwire) — Catastrophe modeling firm AIR Worldwide announced that Insurance Australia Group (IAG), the largest general insurance company in Australia and New Zealand, has licensed AIR’s new Earthquake Model for New Zealand to help manage its catastrophe risk. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. “This model has been developed to [...]
POHANG, Aug. 28 (Korea Bizwire) — A damages suit involving the earthquake in Pohang, North Gyeongsang Province on November 15, 2017 was filed. The trial is finally starting one year and nine months after the quake, as a government research team announced belatedly that ‘the operation of the geothermal power plant brought about an earthquake’, and [...]
SEOUL, Apr. 19 (Korea Bizwire) — A 4.3 magnitude earthquake struck off the east coast near the city of Donghae on Friday, the Korea Meteorological Administration said. The temblor occurred at 11:16 a.m. centered about 54 kilometers northeast of the city. Residents of the region are believed to have felt the quake, though it resulted [...]
SEOUL, Mar. 20 (Korea Bizwire) — South Korea’s second-most destructive earthquake, which struck the southeastern city of Pohang in 2017, was probably triggered by an experimental geothermal power plant, the government said Wednesday. The government-led teams of experts, from both South Korea and abroad, concluded that a series of earthquakes, reaching a magnitude of 5.4 [...]
SEOUL/POHANG, Feb. 10 (Korea Bizwire) — A 4.1 magnitude earthquake struck off the southeastern city of Pohang on Sunday, but there have been no reports of damage, meteorological officials said. The quake happened at 12:53 p.m. in waters 50 kilometers northeast of the port city at a depth of 21 km, officials at the Korea [...]
SEOUL, Dec. 19 (Korea Bizwire) — South Korea needs to set up a contingency plan in preparation for a possible 7.3-magnitude earthquake, a local expert said Tuesday. In a seminar arranged by the Federation of Korean Industries, Lee Kie-hwa, a professor at the Seoul National University’s College of Natural Sciences, advised the country to prepare [...]
SEOUL, Nov. 16 (Korea Bizwire) – While the city of Pohang and its surrounding regions continue to deal with aftershocks from the 5.4-magnitude earthquake that struck the day before, the government delivered its own stunning blow by postponing the state-administered college entrance exam to November 23. Originally scheduled to take place on November 16, the [...]