Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Allstate Q4 Catastrophe Loss Tempered by Higher Premiums, Reduced Auto Claims
Feb 8 2019 // The Allstate Corp. lost $312 million in its 2018 fourth quarter, which was attributable to higher catastrophe losses, lower investment income and a pension settlement charge. Catastrophe losses hit $963 million, versus...
PG&E Vows to Improve Wildfire Prevention
Feb 8 2019 // The nation’s largest utility is promising to overhaul its wildfire-prevention measures in response to growing legal, financial and public pressure over its role in starting some of the most destructive blazes in...
Number of Missouri Homes Insured for Earthquakes Declined from 2008 to 2017
Feb 7 2019 // Despite the fact that earthquakes present a significant hazard to Missourians, the number of homes insured against damage from earthquakes declined between 2008 and 2017, according to a Residential Earthquake Coverage...
Boeing Sued for Negligence in Southern California Wildfire
Feb 7 2019 // Boeing Co. was accused of negligence tied to a wildfire that tore through Malibu, California, in November and that purportedly started on the grounds of the nearby, disused Rocketdyne testing site. A group of homeowners...
PG&E Could Kill Lights to Customers When California Wildfires Occur
Feb 7 2019 // Anyone who gets power from PG&E Corp. could see their lights go out this fire season. Even the millions of Californians who live outside risky areas could be left in the dark under a sweeping proposal the utility filed...
Chubb Took $500M Hit from Catastrophes in Q4 But Saw Better Pricing, Investments
Feb 6 2019 // In 2018 fourth quarter, global insurer Chubb saw a surge in catastrophe losses, along with growth in premium revenue, better global property/casualty pricing and record net investment income. The insurer booked $355...
The United States Saw 11 Natural Disaster Events That Exceeded $1 Billion in Damage During 2018
Feb 6 2019 // This post is part of a series sponsored by CoreLogic. When it comes to natural disasters, 2018 was an eventful year worldwide. Typhoons devastated the Philippines, Hong Kong, Japan and Oman. Earthquakes caused mass...
Thousands of Lawsuits Demanding PG&E Pay for Damages from Wildfires
Feb 5 2019 // Some 1,000 lawsuits have been filed since late 2017 demanding Pacific Gas & Electric Corporation pay for damages caused by wildfires. The lawsuits represent thousands of people, companies, cities and counties affected...
Bankruptcy Won’t End Problem PG&E Must Still Deal With: Wildfires
Feb 4 2019 // Big corporations forced into bankruptcy by liability lawsuits often take the offending product off the market and try to move on. That’s what happened with the Dalkon Shield birth control device, asbestos and...
Insurance Council of Australia Declares Catastrophe for Queensland Floods
Feb 4 2019 // The Insurance Council of Australia (ICA) declared a catastrophe for insurance policyholders who have been affected by torrential rain and flooding in the northeastern Australian state of Queensland. “The Queensland...
Lawmakers Need to Decide Nature of Texas Windstorm Insurer, Sunset Commission Says
Feb 4 2019 // To be the insurer of last resort for wind and hail insurance along the Texas coast — without state support and reliant on premium dollars and debt financing for funding, or to be a true insurance company that derives...
Businesses View Cyber, Business Interruption as Bigger Risks Than Catastrophes
Feb 4 2019 // Cyber incidents join business interruption as the top risks facing global businesses, according to a survey conducted by Allianz Global Corporate & Specialty (AGCS). The impact of business interruption (which includes...
January 1 Renewals Saw ‘Muted Impact’ from 2018’s Catastrophes; Results Partially Off-Set by Plentiful Capacity: Guy Carpenter
Feb 4 2019 // The overall impact of catastrophe losses on property rates was muted at the Jan. 1, 2019, reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy,...
When Rebuilding After Hurricanes, Big Homes Replace Small
Feb 4 2019 // Trend Is Playing Out in Areas Prone to Extreme Winds and Storm Surge A study of hurricane-hit areas of the United States has revealed a trend of larger homes being built to replace smaller ones in the years following a...
Expert Ponders California Wildfire Commission, Other Solutions to State’s Severe Seasons
Feb 4 2019 // Establishing a California Wildfire Commission is just one idea an expert is tossing out to help the state deal with worsening fire seasons. James Woods was formerly co-leader of Mayer Brown’s Global Insurance...
Insurance Linked Securities Market Grows to $93B in 2018: Willis Re
Feb 1 2019 // Growth of the insurance linked securities (ILS) market reached $93 billion in 2018, up from $88 billion during the prior year, according to the new ILS Market Update from Willis Re, the reinsurance division of Willis...
California Wants Faster Forestry Approvals in Wildfire Fight
Jan 31 2019 // California wildland managers said this week that they want to speed up logging and prescribed burns designed to slow wildfires that have devastated communities in recent years. After the deadliest and most destructive...
Judge Says PG&E Has ‘Clear-Cut’ Pattern of Starting Wildfires
Jan 31 2019 // A federal judge who has emerged as a vocal critic of PG&E Corp.’s safety record, said the California utility giant has a “clear-cut pattern” of starting wildfires and needs “strong...
Insured Losses from Sydney Hailstorms Estimated at A$635M (US$457.5M): PERILS
Jan 31 2019 // Initial insured property losses for December’s hailstorms in Sydney are estimated at A$635 million (US$457.5 million), according to PERILS, the independent Zurich-based organization that provides industry-wide...
Expert: Florida’s Hurricane-Hit Timber Industry Will Need Years to Recover
Jan 31 2019 // It could take a decade or more for Florida’s timber industry to recover from Hurricane Michael’s devastation, and the countless downed trees pose an immediate wildfire threat, Florida Forest Service Director...
