Catastrophe News

Coalition Pushing for New National Framework for Disasters

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 …

Report: Insurers Boost California Economy $29.4B

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 …

Art Insurers Face Record Loss from Superstorm Sandy

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 …

October Disaster Loss at $1.08B: Allstate

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 …

Wildfires, Hail Take Toll On Colorado Home Insurance

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 …

Sandy Dominates Southern California PCI Conference

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 …

Hurricane Sandy Strengthens to Category 2: RMS

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 …

Lower Catastrophe Losses, Better Rate Environment Increase P/C Net Income: A.M. Best

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 …

‘Big One’ Looms in Minds of Experts Before California ShakeOut

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 …

ACE USA’s Excess Casualty Unit Expands Catastrophe Management Coverage

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 …