Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Oregon Wrestles With Building Facilities in Tsunami Zones
Feb 24 2020 // Experts say the big one is coming to the Pacific Northwest: a massive earthquake that will cause buildings and bridges to collapse and unleash a tsunami that will devastate the coast. But, doubling down on its decision...
CoreLogic: 2019 Was 7th Year in Last Decade with 10 or More Disasters of $1B-Plus
Feb 24 2020 // Last year was a particularly hazardous one, with natural catastrophes causing excessive damages in what appears to be an ongoing trend of higher losses in the past decade, while also posing a danger in many U.S....
A Tale of Two Californias: Managing Wildfire Risk in the Year 2030
Feb 24 2020 // For most of the 20th century, the insurance industry considered wildfires to be little more than a nuisance. They were frequent but rarely resulted in more than a handful of claims, and underwriters priced for them in the...
California FAIR Plan Can Offer Only Fire Insurance, Judge Says
Feb 21 2020 // A fund that offers only fire insurance to California residents in wildfire-prone areas can’t be required to provide coverage for other hazards such as flooding or theft, a judge ruled this week. Superior Court Judge...
PG&E Banking on Big Profits After Utility Leaves Bankruptcy
Feb 20 2020 // Pacific Gas and Electric says it expects to become more profitable than ever after it emerges from bankruptcy and pays off more than $25 billion in losses sustained in catastrophic wildfires ignited by its outdated...
Coronavirus Raises Insurance Questions But Catastrophe-Tested Insurers Are Prepared
Feb 20 2020 // As the coronavirus outbreak continues to cause concern around the globe, the insurance industry is facing a potentially far-reaching impact but has the experience to handle what might come its way. Based on what the...
Texas Windstorm Insurer Sets Funding at $4.2 Billion for 2020 Cat Year
Feb 19 2020 // The wind and hail insurance carrier of last resort for counties along the Texas coast has determined that its 1-in-100 probable maximum loss (1:100 PML) for the 2020 catastrophe year is $4.2 billion. At a quarterly meeting...
California Commissioner, Lawmakers Intro ‘Hardened Homes’ Wildfire Bill Requiring Admitted Market to Offer Coverage
Feb 18 2020 // A newly proposed bill would clarify under California law the concept of “hardened homes” that are safer or more resistant to wildfires and then require admitted carriers to cover those homes. California’s...
4.0-Magnitude Earthquake Hit Central California Coast
Feb 14 2020 // An earthquake with a preliminary magnitude of 4.0 shook California’s central coast on Wednesday but no damage or injuries were immediately reported, the U.S. Geological Survey confirmed. The quake that hit at 7:33...
Report: Death Toll in 2018 California Wildfire Likely Includes 50 More People
Feb 13 2020 // Doctors and other experts say at least 50 more people, many of them elderly or ill, likely died as a result of the 2018 wildfire that devastated the town of Paradise, California, but were not counted in the official death...
AIG and P/C Underwriting Post Profit for Q4
Feb 13 2020 // American International Group reported fourth quarter 2019 net income of $922 million compared to a net loss of $622 million in the prior-year quarter. The results reflected improvement in its closely-watched General...
National Weather Service Confirms Five Tornadoes Hit Maryland
Feb 13 2020 // The National Weather Service has confirmed that five tornadoes ripped through parts of Maryland on Friday. Multiple news outlets report that the tornadoes were confirmed in Carroll, Cecil, Montgomery and Frederick...
Report: 2019 Was 7th Year in Last Decade with 10 or More Disasters of $1B-Plus
Feb 12 2020 // Last year was a particularly hazardous one, with natural catastrophes causing excessive damages in what appears to be an ongoing trend of higher losses in the past decade, while also posing a danger in many U.S....
Texas Windstorm Insurance Board to Meet Feb. 18 in Austin
Feb 11 2020 // The Texas Windstorm Insurance Association (TWIA) board of directors will hold its quarterly meeting on Feb. 18, 2020, at 9:00 a.m. in Austin. The agenda for the meeting is posted on TWIA’s website. All meetings of...
California Utilities’ Wildfire Prevention Plans Call for More Blackouts
Feb 11 2020 // California utilities plan to continue shutting off power to customers during dry and windy conditions to prevent sparking deadly wildfires, but they aim to make outages more targeted to avoid widespread blackouts,...
Storm Ciara Batters Europe with Hurricane-Force Winds, Killing at Least 5 People
Feb 11 2020 // A strong winter storm that has battered Europe with hurricane-force winds and heavy rains and killed at least five people moved eastward Monday, causing severe travel disruptions across the continent. After striking...
AM Best: Florida Insurers Brace for Challenging June Reinsurance Renewals
Feb 11 2020 // Although the 2019 hurricane season did not have a significant impact on Florida, loss creep from prior storms continues to weigh on reinsurers, leading to a likely rise in rates for the upcoming June renewal period. As...
Minor Earthquake Confirmed in California High Desert
Feb 10 2020 // A minor earthquake struck the Southern California high desert on Saturday and was was felt across the region, the U.S. Geological Survey confirmed. The USGS reports the 3.9-magnitude earthquake hit an area about 13 miles...
Tsunami Sirens in Southern California Beach City Were False Alarm
Feb 10 2020 // Tsunami warning sirens wailing early Friday morning in the Southern California city of Huntington Beach were a false alarm, authorities confirmed. “There is no current threat to our community and we are working to...
Australian Insurers Declare Catastrophe for Losses from East Coast Flooding
Feb 10 2020 // The Insurance Council of Australia (ICA) has declared a catastrophe for property losses caused by storms and flooding along the east coast since February 5. Insurers said they have received 10,000 claims with the value of...
