Insurance Journal » Catastrophe http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 03 Aug 2015 17:51:35 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 San Andreas Movie: Facts Within Fiction http://www.insurancejournal.com/magazines/features/2015/07/20/375096.htm Mon, 20 Jul 2015 00:00:00 +0000 http://www.insurancejournal.com/?p=375096 Released in late spring 2015, the movie San Andreas tells the story of massive earthquakes devastating California as a helicopter pilot and his (formerly estranged) wife try to find and rescue their daughter. Having defeated the likes of genetically engineered …

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U.S. Power Grid Attack Could Cause $70 Billion in Insurance Losses: Lloyd’s Report http://www.insurancejournal.com/magazines/features/2015/07/20/375083.htm Mon, 20 Jul 2015 00:00:00 +0000 http://www.insurancejournal.com/?p=375083 A cyber attack on the U.S. power grid in the Northeast would have far-reaching implications including the loss of lives, economic losses of as much as a trillion dollars, the disruption of water supplies and transportation, and potentially more than …

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Amtrak Concedes to Liability in Philadelphia Train Derailment Cases http://www.insurancejournal.com/news/national/2015/07/13/374811.htm Mon, 13 Jul 2015 14:53:34 +0000 http://www.insurancejournal.com/?p=374811 Amtrak said it will concede that it’s liable for most damages caused by the May 12 train derailment in Philadelphia that killed eight passengers and injured dozens. The railroad acknowledged Friday in responses to two lawsuits that it won’t contest …

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Willis Re Launches $400M Reinsurance Facility to Cover Catastrophic Liabilities http://www.insurancejournal.com/news/international/2015/05/14/368136.htm Thu, 14 May 2015 07:58:12 +0000 http://www.insurancejournal.com/?p=368136 Willis Re, the reinsurance division of Willis Group Holdings plc, has established a syndicated reinsurance facility providing the broadest protection available for insurers against catastrophic and systemic loss accumulations arising from liability portfolios. Named PRIMO, the facility responds to increasing …

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Earthquake in Nepal Kills at Least 41, Injures Many, on Heels of April Temblor http://www.insurancejournal.com/news/international/2015/05/12/367680.htm Tue, 12 May 2015 08:34:33 +0000 http://www.insurancejournal.com/?p=367680 An earthquake in Nepal on Tuesday killed at least 41 people and injured more than 1,000, a little over two weeks after thousands died in an even more powerful temblor. The 7.3 magnitude quake at 12:35 p.m. Indian time was …

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A.M. Best: Australia’s Nat Cat Losses Will Challenge Underwriting Profits http://www.insurancejournal.com/news/international/2015/05/12/367678.htm Tue, 12 May 2015 07:58:28 +0000 http://www.insurancejournal.com/?p=367678 A string of recent major natural catastrophe events in Australia is expected to materially affect non-life insurers’ upcoming earnings for the fiscal year that ends June 30, 2015, according to an A.M. Best briefing. However, the Best’s Briefing, titled, “Recent Natural Catastrophe …

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Guy Carpenter Launches G-CAT® Canada Flood Model http://www.insurancejournal.com/news/international/2015/04/16/364665.htm Thu, 16 Apr 2015 13:30:01 +0000 http://www.insurancejournal.com/?p=364665 Guy Carpenter launched its G-CAT® Canada Flood Model, which it describes as the first ever probabilistic flood model for Canada that enables insurers to assess their exposure to flood, Canada’s most frequently occurring natural hazard. Large areas of Canada experience …

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RMS Releases Updated Europe Windstorm, North Atlantic Hurricane Models http://www.insurancejournal.com/news/international/2015/04/10/363963.htm Fri, 10 Apr 2015 12:48:57 +0000 http://www.insurancejournal.com/?p=363963 RMS, the Newark, Calif.-based catastrophe risk management firm, has released updated RMS Europe windstorm models and North Atlantic hurricane models. The 15.0 RMS Europe Windstorm Models’ hazard and vulnerability components have been updated to strengthen risk selection and portfolio management …

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Climate Change Modeling on Cusp of Paradigm Shift http://www.insurancejournal.com/news/national/2015/02/26/358760.htm Thu, 26 Feb 2015 20:58:27 +0000 http://www.insurancejournal.com/?p=358760 In the face of growing interest in climate change impacts, several big catastrophe modelers said they’ve heard from more clients interested in receiving climate-related data and they believe the field is on the cusp of a change in the way …

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Sophisticated Resilience Model in Development in Colorado – And It’ll be Free http://www.insurancejournal.com/news/west/2015/02/20/358266.htm Fri, 20 Feb 2015 23:29:09 +0000 http://www.insurancejournal.com/?p=358266 Efforts are underway in Colorado to build a sophisticated computer model that will offer a look down to the minute details at just how communities may withstand – or crumble under – perils like earthquakes, hurricanes, tornadoes, tsunamis and other …

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Experts: New Normal Creating Need for More Predictive Modeling http://www.insurancejournal.com/news/west/2014/09/24/341564.htm Wed, 24 Sep 2014 21:47:29 +0000 http://www.insurancejournal.com/?p=341564 A “new normal” has created the need for the catastrophe modeling to move from historic to predictive methods of looking at extreme weather risk, according to a panel of risk experts speaking Tuesday at the annual Chartered Property Casualty Underwriter …

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Canada Eyes Insurance Pollution Fund for Oil-By-Rail Risks http://www.insurancejournal.com/news/international/2014/09/23/341335.htm Tue, 23 Sep 2014 10:16:19 +0000 http://www.insurancejournal.com/?p=341335 The Canadian government is looking at extending the insurance burden for crude-by-rail disasters beyond just railways and is weighing the idea of a special fund similar to one once set up for maritime oil spills, a government official said. The …

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Insured Losses From the Napa Quake Pegged at $250M or Less http://www.insurancejournal.com/news/west/2014/09/03/339393.htm Wed, 03 Sep 2014 16:33:26 +0000 http://www.insurancejournal.com/?p=339393 Insured losses from the Aug. 24 earthquake that struck Napa, Calif. will not exceed $250 million, according to a risk management firm. Widespread damage was expected from the 6.0 magnitude event, but there wasn’t much business interruption as most area …

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Cat Modeler’s Sharknado Model Follows Campy SyFy Sequel http://www.insurancejournal.com/news/national/2014/07/31/336363.htm Thu, 31 Jul 2014 18:38:17 +0000 http://www.insurancejournal.com/?p=336363 Editor’s note: Wednesday night’s premier of “Sharknado 2: The Second One” on the SyFy Channel followed last year’s corny flick, which lit up Twitter with praise and insults for its camp and B-grade acting. The product placement-laden, cameo-heavy sequel pitted …

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Central Texas Home an Example of the Benefits of Building Stronger http://www.insurancejournal.com/news/southcentral/2014/07/09/334138.htm Wed, 09 Jul 2014 16:39:46 +0000 http://www.insurancejournal.com/?p=334138 A home in Burnet County, Texas, that was picked up and carried 100 yards by a tornado last month, was reinforced according to its owner, Trenton Ashworth. The National Weather System reported that the EF-2 tornado that hit the Texas …

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Climate Change Bottom-Line Talk Grows, S&P Director Says http://www.insurancejournal.com/news/national/2014/06/18/332375.htm Wed, 18 Jun 2014 19:34:01 +0000 http://www.insurancejournal.com/?p=332375 Companies and governments worldwide are changing their behaviors and examining their risks in the face of climate change, a managing director for Standard & Poor’s said as he held up the insurance industry as a good example of how to …

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Lloyd’s U.S. Chief on Board with Climate Change http://www.insurancejournal.com/news/national/2014/05/22/329921.htm Thu, 22 May 2014 21:53:41 +0000 http://www.insurancejournal.com/?p=329921 Despite risking offense to non-believers, Hank Watkins didn’t hesitate when he was asked if climate change was upon us. Watkins, president of Lloyd’s America, talked about an extensive report Lloyd’s of London just released, “Catastrophe Modeling and Climate Change.” “Everybody …

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Sharks, Beer Among Most Popular Headlines in West http://www.insurancejournal.com/news/west/2013/12/27/315581.htm Fri, 27 Dec 2013 21:02:14 +0000 http://www.insurancejournal.com/?p=315581 For years newshounds have endeavored to figure out a way to predict what stories will prove most popular with readers. While a few web news aggregators have had some measure of success and have steadily drawn in readers with hot …

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ACE Construction Practice Launches Catastrophe Services Through ESIS http://www.insurancejournal.com/news/national/2013/10/18/308614.htm Fri, 18 Oct 2013 04:42:09 +0000 http://www.insurancejournal.com/?p=308614 ACE USA has launched catastrophe claims servicing capabilities specifically designed for the construction industry through ESIS Inc., a risk management services company owned by the ACE Group. The new offerings provide an additional layer of protection from losses that occur …

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Yosemite May Be Harbinger of California’s Wildfire Potential http://www.insurancejournal.com/news/west/2013/08/27/303097.htm Tue, 27 Aug 2013 22:37:12 +0000 http://www.insurancejournal.com/?p=303097 The week-and-a-half-old wildfire in Yosemite is seen by some as a harbinger of what could be a “worst case scenario” when California enters its typical wildfire season in October – continued drought, lots of unburned fuel and a weather outlook …

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‘SharkNado’ Impact on Los Angeles $100B! http://www.insurancejournal.com/news/west/2013/07/12/298374.htm Sat, 13 Jul 2013 00:29:32 +0000 http://www.insurancejournal.com/?p=298374 It was a doozy. Flying, biting killer sharks literally whipped into a frenzy by freak tornadoes wreaked havoc on Los Angelenos. The catastrophe played out on the Syfy Channel on Thursday night, lighting up Twitter as the top trend all …

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Wildfires, Hail Take Toll on Colorado Homeowners Insurance http://www.insurancejournal.com/news/west/2013/07/11/298234.htm Thu, 11 Jul 2013 23:39:06 +0000 http://www.insurancejournal.com/?p=298234 It’s safe to say there’s a lot going on in the homeowners insurance scene in Colorado, where homeowners insurance rates are likely to be on the rise for some time. Insured losses from the recently doused Black Forest fire should …

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Assurant Finalizes 2013 P/C Reinsurance Program http://www.insurancejournal.com/news/national/2013/07/02/297449.htm Tue, 02 Jul 2013 16:51:53 +0000 http://www.insurancejournal.com/?p=297449 Assurant, Inc., a provider of specialized insurance and insurance-related products and services, has finalized the structure of the company’s 2013 Property Catastrophe Reinsurance Program, including $185 million of newly issued three-year, fully collateralized catastrophe bonds. Multiple factors are considered in …

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After Sandy, Underwriters, CAT Models View Northeast Like Southeast: NAPCO http://www.insurancejournal.com/news/national/2013/05/06/291046.htm Mon, 06 May 2013 16:43:21 +0000 http://www.insurancejournal.com/?p=291046 Superstorm Sandy may not have hardened the insurance market, but it has changed the way underwriters view the Northeast, a view that catastrophe models will reflect going forward. According to NAPCO’s Spring 2013 State of the Market Report, underwriters and …

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Burand’s Agency E&O Blog: Tip #27 http://www.insurancejournal.com/blogs/agency-e-o/2013/03/27/285292.htm Wed, 27 Mar 2013 10:00:28 +0000 http://www.insurancejournal.com/?p=285292 Agency Catastrophe Plans. How to keep a catastrophe from becoming an even bigger catastrophe. I don’t know who said it, but they correctly concluded that the best E&O audit is a natural catastrophe because so many clients have claims and …

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Policyholder Education: Agent or Carrier Responsibility? http://www.insurancejournal.com/news/national/2013/02/07/280502.htm Thu, 07 Feb 2013 17:16:06 +0000 http://www.insurancejournal.com/?p=280502 Policyholder education about insurance coverage wording is a critical challenge for the property/casualty insurance industry. But who should be doing the teaching — agents or carriers? During a recent industry meeting, a personal lines insurance industry expert suggested that agents …

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Lucky Or Smart? Experts Weigh-In On P/C Industry’s Sandy Impact http://www.insurancejournal.com/news/national/2013/02/07/280496.htm Thu, 07 Feb 2013 17:13:21 +0000 http://www.insurancejournal.com/?p=280496 At least one industry analyst says that good risk management is protecting insurers as they face a new normal level of catastrophe losses. Other experts believe luck is playing a bigger role than skill. Speaking at the Property/Casualty Insurance Joint …

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Coalition Pushing for New National Framework for Disasters http://www.insurancejournal.com/news/national/2013/01/31/279569.htm Thu, 31 Jan 2013 20:09:51 +0000 http://www.insurancejournal.com/?p=279569 A coalition of national interests has introduced a framework intended to shape how the nation responds to natural disasters, or as one advocate of the framework described it, change the way governments and communities operate so they can “prespond to …

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Report: Insurers Boost California Economy $29.4B http://www.insurancejournal.com/news/west/2013/01/18/278022.htm Fri, 18 Jan 2013 20:07:54 +0000 http://www.insurancejournal.com/?p=278022 Insurers directly contributed $29.4 billion to California’s 2010 gross state product, or for 1.6 percent of the state’s GSP, according to the report issued on Friday by the Insurance Information Network of California. The report shows property/casualty insurers provided 209,016 California …

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Art Insurers Face Record Loss from Superstorm Sandy http://www.insurancejournal.com/news/national/2012/12/21/274947.htm Fri, 21 Dec 2012 15:16:31 +0000 http://www.insurancejournal.com/?p=274947 Fine art insurers face claims of up to half a billion dollars, their biggest ever payout, to compensate the owners of artwork destroyed when Superstorm Sandy flooded galleries in New York. Work by 1960s graphic artist and illustrator Peter Max …

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