Insurance Journal » Catastrophe http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 17 Apr 2014 19:49:39 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 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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U.S. P/C Insurers Expected to Withstand Isaac: Fitch http://www.insurancejournal.com/news/national/2012/08/29/261137.htm Wed, 29 Aug 2012 16:37:55 +0000 http://www.insurancejournal.com/?p=261137 Fitch Ratings anticipates losses related to Hurricane Isaac will be largely borne by primary insurers, but estimates remain uncertain as the storm has yet to make landfall. Isaac is expected to be less powerful than the Category 3 Katrina. With …

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Hurricane Isaac Soaks Gulf Coast, Tests Levees http://www.insurancejournal.com/news/southcentral/2012/08/29/261075.htm Wed, 29 Aug 2012 13:28:04 +0000 http://www.insurancejournal.com/?p=261075 Hurricane Isaac drove water over the top of a levee on the outskirts of New Orleans on Wednesday, but the multibillion-dollar barriers built to protect the city itself after the 2005 Katrina disaster were not breached, officials said. The slow-moving …

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Hurricane Isaac Hits Fortified New Orleans on Katrina’s Anniversary http://www.insurancejournal.com/news/national/2012/08/29/261067.htm Wed, 29 Aug 2012 12:35:28 +0000 http://www.insurancejournal.com/?p=261067 Hurricane Isaac lashed southern Louisiana with high winds and heavy rains on Wednesday and was set for a late-morning arrival in New Orleans, seven years to the day after Hurricane Katrina devastated the city. Isaac is the first hurricane to …

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AIR Worldwide Now Offering Builder’s Risk Capability http://www.insurancejournal.com/news/national/2012/08/14/259305.htm Tue, 14 Aug 2012 16:58:28 +0000 http://www.insurancejournal.com/?p=259305 AIR Worldwide (AIR) has expanded its offerings for commercial insurers with a capability for determining losses from natural catastrophes to buildings under construction. CLASIC/2Version 14.0 introduces the ability to model builder’s risk policies for the AIR earthquake and hurricane models …

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One Year Later: Bastrop, Texas, Residents Recovering http://www.insurancejournal.com/news/southcentral/2012/08/13/259099.htm Mon, 13 Aug 2012 16:13:56 +0000 http://www.insurancejournal.com/?p=259099 Belinda Williams was preparing to go to bed in her beautiful Texas limestone house embedded in the lost pines of Bastrop when she looked out her window and saw a huge orange glow. She woke her husband and told him …

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Mississippi Law Calling for Hurricane Mitigation Credits Takes Effect http://www.insurancejournal.com/news/southeast/2012/08/06/258348.htm Mon, 06 Aug 2012 16:02:36 +0000 http://www.insurancejournal.com/?p=258348 Mississippi residents along the state’s coastline who are building new homes or chose to strengthen their current homes against hurricane damage can now qualify for premium credits from their property insurer. Under a new law that took effect last month, …

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Farmers Raises Rates in Alabama; Pulls Wind Coverage on Coastal Rental Policies http://www.insurancejournal.com/news/southeast/2012/08/02/258054.htm Thu, 02 Aug 2012 15:38:47 +0000 http://www.insurancejournal.com/?p=258054 One of Alabama’s largest homeowners’ insurers is raising rates on property insurance by as much as 35 percent per policy while dropping some 2,900 rental properties along the state coastline as part of plan to shore up its financial resources. …

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