Insurance Journal » Catastrophe http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 20 Oct 2014 20:50:57 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 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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October Disaster Loss at $1.08B: Allstate http://www.insurancejournal.com/news/national/2012/11/28/272021.htm Wed, 28 Nov 2012 15:44:35 +0000 http://www.insurancejournal.com/?p=272021 Allstate Corp. expects to report October disaster losses of $1.08 billion, mostly due to superstorm Sandy, the home and auto insurer said on Wednesday. Allstate, the largest publicly traded home and auto insurer in the country, said its gross losses …

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Wildfires, Hail Take Toll On Colorado Home Insurance http://www.insurancejournal.com/news/west/2012/11/27/271770.htm Tue, 27 Nov 2012 16:32:25 +0000 http://www.insurancejournal.com/?p=271770 Colorado now ranks among the top 10 for the highest share of homeowners insurance claims paid out due to catastrophes. The Insurance Research Council says catastrophes triggered only 26 percent of the claims made on homeowner policies from 1997 to …

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Sandy Dominates Southern California PCI Conference http://www.insurancejournal.com/news/west/2012/10/30/268493.htm Tue, 30 Oct 2012 21:26:07 +0000 http://www.insurancejournal.com/?p=268493 The subject of Hurricane Sandy dominated a conference of insurance professionals in Southern California on Tuesday – it was heavily used in speeches, a constant topic on panels and it even made its way into meeting rooms, where attendees stared …

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Hurricane Sandy Strengthens to Category 2: RMS http://www.insurancejournal.com/news/international/2012/10/25/267955.htm Thu, 25 Oct 2012 14:26:26 +0000 http://www.insurancejournal.com/?p=267955 Sandy has strengthened to a strong category 2 hurricane prior to landfall on the Cuban coast, after crossing over Jamaica as a cat 1 hurricane. The system is forecast to remain a hurricane (cat 1) as it passes through the …

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Lower Catastrophe Losses, Better Rate Environment Increase P/C Net Income: A.M. Best http://www.insurancejournal.com/news/national/2012/10/22/267465.htm Mon, 22 Oct 2012 16:32:42 +0000 http://www.insurancejournal.com/?p=267465 The U.S. property/casualty  industry’s underwriting and operating performance improved substantially in the first half of 2012 according to a special report by A.M. Best Co. Catastrophe losses, while remaining elevated compared with recent years’ experience, declined significantly from 2011 record …

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‘Big One’ Looms in Minds of Experts Before California ShakeOut http://www.insurancejournal.com/news/west/2012/10/18/267198.htm Thu, 18 Oct 2012 22:33:54 +0000 http://www.insurancejournal.com/?p=267198 A day before more than 9 million people in California took part in a massive nationwide earthquake drill on Thursday, U.S. Geological Survey seismologist Lucy Jones stood in a room full of risk professionals in the San Fernando Valley and …

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ACE USA’s Excess Casualty Unit Expands Catastrophe Management Coverage http://www.insurancejournal.com/news/national/2012/10/15/266683.htm Mon, 15 Oct 2012 16:38:26 +0000 http://www.insurancejournal.com/?p=266683 ACE USA, the U.S.-based retail operations of the ACE Group, has expanded its catastrophe management insurance products with the introduction of the ACE Cat Management 2.5 endorsement by its ACE Excess Casualty Unit. This endorsement is designed to supplement ACE’s …

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Isaac Brings Relief to U.S. Drought Conditions http://www.insurancejournal.com/news/national/2012/08/31/261356.htm Fri, 31 Aug 2012 14:41:13 +0000 http://www.insurancejournal.com/?p=261356 The remnants of Hurricane Isaac continue to cause headaches on Friday, bringing heavy rainfall and the threat of flash flooding to the lower Mississippi Valley as Gulf Coast residents get ready to start their cleanup efforts. The first hurricane to …

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Florida Governor Opens Disaster Fund http://www.insurancejournal.com/news/southeast/2012/08/30/261221.htm Thu, 30 Aug 2012 14:59:56 +0000 http://www.insurancejournal.com/?p=261221 Florida Gov. Rick Scott has announced that the state is activating Florida’s disaster fund to help residents who suffered property losses from Hurricane Isaac and Tropical Storm Debbie. Earlier this week, Hurricane Isaac made its way through the Florida Keys …

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Isaac Heads North After Drenching U.S. Gulf, New Orleans http://www.insurancejournal.com/news/national/2012/08/30/261210.htm Thu, 30 Aug 2012 12:08:51 +0000 http://www.insurancejournal.com/?p=261210 Tropical storm Isaac is expected to weaken further as it heads north on Thursday, after causing significant damage to the U.S. Gulf Coast but nothing on the scale of Hurricane Katrina, which devastated New Orleans in 2005. The former Category …

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