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 [...]
SEOUL, Nov. 16 (Korea Bizwire) — More than 1,500 residents have been left without homes and dozens are injured, with facility damage piling up after a magnitude 5.4 quake struck South Korea’s southeast a day earlier, authorities said Thursday. The rare earthquake, second-strongest since 1978, hit north of the port city of Pohang on Wednesday [...]
POHANG/SEOUL, Nov. 15 (Korea Bizwire) — A rare 5.4-magnitude earthquake struck the southeastern city of Pohang on Wednesday afternoon, damaging buildings, breaking windows and sending people running from homes. Tremors were felt as far as Seoul hundreds of kilometers away. Fourteen people were hurt as of 7 p.m., firefighters said. Most suffered minor injuries while [...]
MEXICO CITY, Sept. 22 (Korea Bizwire) — With a series of powerful earthquakes hitting Mexico and leaving hundreds of people dead, the Korean business community in the country is beginning to feel the negative impact of the devastating natural disasters. Though Mexico City, which was been rocked by a magnitude 7.1 earthquake, is slowly recovering [...]