Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
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...
Global Reinsurance Capital Is Resilient Despite Losses of $230B over 2 Years: Aon
Jan 11 2019 // Global reinsurance capital – comprising traditional and alternative capital – fell 2 percent in 2018 to US$595 billion from $605 billion in 2017, remaining resilient in the face of insured natural catastrophe losses of...
Judge Wants PG&E Power Restrictions for Next California Wildfire Season
Jan 10 2019 // A U.S. judge has proposed restricting utility PG&E Corp from using power lines deemed to be unsafe during high winds in the 2019 California fire season, adding another complication for the California utility as it...
California Governor Proposes $150M in Wildfire Investments, 911 Fee
Jan 10 2019 // California Gov. Gavin Newsom has pledged fresh investments to prevent, fight and escape wildfires, including millions to help local governments improve their communication during emergencies and a fee to fund an update for...
Parametric Catastrophe Facility CCRIF Adds Panama to Growing Roster of Members
Jan 10 2019 // Cayman Islands-based catastrophe facility CCRIF SPC has increased its membership with the addition of Panama, which purchased parametric insurance cover for excess rainfall. CCRIF’s membership now stands at 21...
Texas Regulators Urge Flexibility in Claim/Dispute Deadlines for Windstorm Insurer
Jan 10 2019 // The Texas Department of Insurance in its 2018 Biennial Report to the legislature has recommended amending state law to permit more flexibility in time limits for handling and resolving claims and disputes brought to the...
Northern Oklahoma Shaken by 3.4 Magnitude Earthquake
Jan 9 2019 // The U.S. Geological Survey says a 3.4 magnitude earthquake has shaken parts of northern Oklahoma. Geologists say the temblor was recorded at 10:43 a.m. Monday less than 1 mile (1 kilometer) northeast of Medford near the...
Wildfires, Dynamex Dominate California Wholesaler Conference
Jan 8 2019 // Wildfires and the Dynamex decision. Those two topics dominated discussions at an insurance wholesaler conference this week. The California Wholesaler Association conference in La Jolla, Calif. from Sunday through today...
Florida Courts Bogged Down by New Gun Law, Hurricane Suits
Jan 8 2019 // Florida’s new gun law is keeping courts busy, and the state Supreme Court also says lawsuits over hurricane disputes could be on the rise. The Florida Supreme Court said Dec. 28 that 100 petitions a month have been...
California Wildfires, Hurricane Michael Top List of 2018’s Costliest Natural Disasters: Munich Re
Jan 8 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...
