Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Florida Panhandle City Borrows $50M for Hurricane Cleanup
Dec 20 2018 // Officials in Florida’s Panhandle have agreed to take out a $50 million loan to help pay for Hurricane Michael-related bills until federal reimbursements are received. The Panama City Commission approved the measure...
RenaissanceRe Introduces Vermeer, New Reinsurer for U.S. Catastrophe Market
Dec 19 2018 // RenaissanceRe Holdings Ltd. and Dutch pension fund manager PGGM announced they have launched Vermeer Reinsurance Ltd. to provide capacity focused on risk remote layers in the U.S. property catastrophe market. PGGM is a...
Larger Houses Replace Smaller When Rebuilding After Hurricanes
Dec 19 2018 // 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 storm. The research, led by the University of Southampton (UK) and...
Second Earthquake in 4 Days Shakes Eastern Tennessee
Dec 18 2018 // An earthquake centered in eastern Tennessee also was felt in three other states. The U.S. Geological Survey website says the epicenter of the magnitude 3.0 earthquake early Sunday was about two miles (four kilometers)...
Los Alamos Lab Research Findings Could Lead to Earthquake Early Warning System
Dec 18 2018 // Machine-learning research published in two related papers today in Nature Geosciences reports the detection of seismic signals accurately predicting the Cascadia fault’s slow slippage, a type of failure observed to...
Global Insured Losses From Disasters at $79 Billion in 2018: Swiss Re Sigma Estimate
Dec 18 2018 // According to preliminary sigma estimates from Swiss Re, total economic losses from natural and man-made catastrophes in 2018 declined to USD $155 billion from USD $350 billion in 2017. Global insured losses are estimated...
Allstate’s Shares Fall Under Weight of Wildfire Losses
Dec 17 2018 // Allstate Corp. tumbled for nine straight days, the longest string of losses since 2001, as coverage costs from the deadliest fires in California’s history are tallied. The company seemed to have “out-sized...
Hurricane Michael Recovery Goes On for Florida Agents
Dec 17 2018 // The page has finally turned on the tumultuous 2018 hurricane season, but for the agents who live and work in the Florida Panhandle, the story isn’t over – personally or professionally. “We all still feel...
Deadly California ‘Firenado’ Explained in New Study
Dec 17 2018 // A rare fire tornado that raged during this summer’s deadly Carr Fire in Northern California was created by a combination of scorching weather, erratic winds and an ice-topped cloud that towered miles into the...
Texas Hurricane Harvey Rebuilding Commission: Storm Was a ‘Wakeup Call’
Dec 14 2018 // A commission convened by Texas Gov. Greg Abbott to focus on rebuilding after Hurricane Harvey issued a report on Dec. 13 saying the state should take a series of steps to prepare for the next big storm, including improving...
Authorities: At Least $3B to Clear Debris from Homes Destroyed By California Wildfires
Dec 14 2018 // State and federal authorities estimate that it will cost at least $3 billion to clear debris from 19,000 homes and businesses destroyed by three California wildfires last month. The disaster relief officials said the...
California Regulators to Look at New Blackout Rules to Prevent Deadly Wildfires
Dec 14 2018 // California regulators have decided they need to step in and help determine when power blackouts are appropriate to prevent wildfires after a series of deadly blazes linked to electrical equipment. Utilities PG&E Corp.,...
4.4 Earthquake Jolts Tennessee, Also Felt in Atlanta
Dec 14 2018 // An earthquake that struck eastern Tennessee early Wednesday could be felt as far away as Atlanta, the U.S. Geological Survey said. The light earthquake occurred about 4:15 a.m., and was centered about 7 miles (about 10...
California Commissioner Wants Insurers to Waive Inventory Requirement for Wildfire Victims
Dec 13 2018 // California Insurance Commissioner Dave Jones is asking residential insurers to pay at least 75 percent and up to 100 percent of personal property or contents coverage in the event of a total loss without requiring...
Allstate Says Losses from California Fires $670M, CEO Wants to Address Climate Change
Dec 13 2018 // Allstate this week announced estimated catastrophe losses for the month of November 2018 of $685 million, pre-tax ($541 million, after-tax). Catastrophe losses occurring in November comprised six events at an estimated...
The PURE Group Expands Excess & Surplus Lines Offering Into California
Dec 13 2018 // The PURE Group has expanded its excess & surplus (E&S) high net worth offering, PURE Programs, into California. The coverage is tailored to high value, high-risk homes with broader coverage than is typically found...
Official Figure on Insured Losses for 2018 California Wildfires Reaches $9B
Dec 12 2018 // The official tally for insured losses from this year’s major California wildfires is $9.05 billion – for now. California Insurance Commissioner Dave Jones on Wednesday released official figures for losses from the...
AM Best Downgrades Ratings of Mercury in California, Wildfires a Factor
Dec 12 2018 // AM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “aa-” for the members of Los...
2 Small Earthquakes Strike Western Colorado
Dec 12 2018 // Two mild earthquakes struck western Colorado, the U.S. Geological Survey confirmed. The quakes hit early Tuesday but likely weren’t strong enough to cause any damage. The quakes were both just north of Glenwood...
Firms to Pay $9M to Settle Suit Over Damages in 2012 California Wildfire
Dec 12 2018 // Officials say a construction company and a logging firm have collectively agreed to pay $9 million for damages resulting from a 2012 wildfire that burned more than 1,600 acres of national forest land in Northern...
