Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Researchers Looking into How Drones Can Predict Wildfire Spread
Jan 21 2019 // A University of Missouri researcher is teaming up with scholars in Kansas and Georgia to develop drone technology to monitor and potentially predict the spread of wildfires. The $1.2 million research project that began...
California Wildfires, Hurricane Michael Top List of 2018’s Costliest Natural Disasters: Munich Re
Jan 21 2019 // The costliest natural catastrophes occurred in the United States in 2018 with one of California’s devastating wildfires and Hurricane Michael topping the list, according to Munich Re. A report from Munich Re on last...
Industry Trends to Exploit for 2019
Jan 21 2019 // It is time to take out our crystal ball and plan for 2019 and how our insurance industry will be impacted by the trends around us. Those that consider these changes, and plan ahead, will usually be in a better position...
Wildfires, Dynamex Dominate California Wholesaler Conference
Jan 21 2019 // Wildfires and the Dynamex decision dominated discussions at an insurance wholesaler conference in early January. The California Wholesaler Association conference in La Jolla, Calif., from Jan. 6 to Jan. 8 featured numerous...
For New Governors, Natural Disasters Will Be Necessary Priority
Jan 21 2019 // Even Governors Skeptical of Climate Change Can’t Avoid Need to Plan for Future Storms, Fires Governors have a range of priorities they want to tackle in the coming year, from tax reform to education. Yet, one topic...
Argo Estimates Losses from Q4 Natural Catastrophes, Other Claims to Hit $44M
Jan 18 2019 // Argo Group International Holdings, Ltd., the Bermuda-based re/insurer, announced a preliminary pre-tax catastrophe loss estimate of $32 million for the fourth quarter of 2018, primarily related to Hurricane Michael and the...
ICT: Destructive Weather Took a Break in Texas Last Year
Jan 18 2019 // Between 2015 and 2017, Texas experienced a record number of tornadoes, hailstorms and a hurricane, but the state finally got a reprieve from all of the destructive weather in 2018, the Insurance Council of Texas (ICT)...
3.7M Earthquake Hits Northern California
Jan 17 2019 // The U.S. Geological Survey confirmed a 3.7 preliminary magnitude earthquake rattled the small city of Piedmont in northern California. The USGS says the tremor occurred on Wednesday at 4:42 a.m. The impacts of the...
Severe Weather in Canada Cost Insurers C$1.9 Billion in 2018: IBC
Jan 17 2019 // Insured damage from severe weather events across Canada reached C$1.9 billion (US$1.4 billion) in 2018, according to the Insurance Bureau of Canada (IBC), quoting statistics from Catastrophe Indices and Quantification...
4.2 Magnitude Earthquake Hits Oklahoma
Jan 16 2019 // Officials say there are no reports of damage after a 4.2 magnitude earthquake struck northern Oklahoma on Tuesday morning. The U.S. Geological Survey says the quake was centered near Hayward, or about 50 miles north of...
Multiple Smaller Natural Disasters in 2018 Created ‘Unusual’ Insured Loss Picture: Willis
Jan 16 2019 // Insured loss estimates from major natural catastrophes in 2018 totaled roughly $71.5 billion, the highest since 2011’s annual market losses of $120 billion, according to Willis Re. However, the insured losses in 2018...
Magnitude 3.6 Earthquake Shakes Part of Northern Oklahoma
Jan 15 2019 // The U.S. Geological Survey says an earthquake shook parts of northern Oklahoma early in the morning on Jan. 14. Geologists say the 3.6 magnitude earthquake was recorded at 2:20 a.m. Monday near Waukomis, about 80 miles...
PG&E Restructuring Highlights California’s Inverse Condemnation Rule
Jan 15 2019 // PG&E Corp.’s chances of emerging from bankruptcy proceedings hinge in part on an arcane California legal rule that threatens to keep the utility owner perpetually on the hook for liabilities from catastrophic...
Swiss Re Estimates Its Q4 Natural Catastrophe Claims to Hit US$1.0B
Jan 15 2019 // Swiss Re estimates it will pay claims of approximately $1.0 billion for natural catastrophes booked in the fourth quarter of 2018, with the largest generated from California wildfires and Hurricane Michael. These natural...
Hedge Fund Baupost Reported to Hold $1 Billion in PG&E Insurance Claims
Jan 14 2019 // Seth Klarman’s Baupost Group has been the poster child of the hedge fund industry’s ill-timed stock-market bets on the troubled utility PG&E Corp., which announced plans for bankruptcy. It turns out,...
‘Goat Fund Me’ Campaign Launched by California Town to Prevent Wildfires
Jan 14 2019 // The threat of catastrophic wildfires has driven a California town to launch a “Goat Fund Me” campaign to bring herds of goats to city-owned land to help clear brush. Nevada City in the Sierra Nevada began the...
PG&E Bankruptcy Looms With $30B in Potential Liabilities from California Wildfires; CEO to Exit
Jan 14 2019 // PG&E Corp. said it will file for bankruptcy in California after the cost of wildfires left it with potential liabilities of $30 billion or more, gutting its share price and prompting the departure of its chief...
Jan. 1 Renewals Saw ‘Muted Impact’ from 2018’s Catastrophes: Guy Carpenter
Jan 14 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,...
Trump, California in Battle Over Wildfire Relief Funds
Jan 11 2019 // President Donald Trump threatened this week to withhold money to help California cope with wildfires after Gov. Gavin Newsom asked him to double the federal investment in forest management. Trump again suggested poor...
Arch Capital Estimates Q4 2018 Catastrophe Losses Could Total $130M
Jan 11 2019 // Arch Capital Group Ltd. reported an estimated range of fourth quarter pre-tax losses of $110 million to $130 million from global natural catastrophes, including Hurricane Michael and California wildfires. These estimates...
