Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Northern California Wildfires: Insurance Industry Ready to Assist With ‘Massive’ Recovery
Oct 20 2017 // Rebuilding the Northern California areas devastated by wildfire will be a long-term effort, and insurers say they will be there to help their affected policyholders get back on their feet. Tens of thousands of evacuees...
Early Data Shows Insured Losses from California Wildfires Already at $1B and Growing
Oct 19 2017 // Insurance Commissioner Dave Jones today released preliminary data provided by eight California insurers processing claims for tens of thousands of policyholders that shows $1.045 billion in losses to commercial and...
In ‘Energy City’ USA, Hurricane Harvey’s Fury Lingers
Oct 19 2017 // It took five weeks for the largest U.S. oil refinery to get back to normal after Hurricane Harvey. It’s taking Port Arthur, Texas, a lot longer. Nearly two months after Harvey inundated Port Arthur, a crucial hub of...
Travelers Insurance Reports Solid Q3 Results Despite $700M Cat Losses
Oct 19 2017 // The Travelers Companies today reported $293 million in net income for the third quarter despite absorbing more than $700 million in catastrophe claims. The $293 million in net income was a 59 percent decline from the $716...
Zurich Estimates Claims of US$700M from Hurricanes Harvey, Irma & Maria
Oct 19 2017 // Zurich Insurance Group estimates that Hurricanes Harvey, Irma and Maria will aggregate claims in the third quarter of approximately US$700 million, net of reinsurance and before tax. After tax, the losses are expected to...
Does a CPP Cover Trees Knocked Over by a Hurricane?
Oct 18 2017 // Last week we entered into a discussion of downed trees, in particular, trees downed by a hurricane. We spent our time dealing with the HO-3 policy and how it responds. If you didn’t catch that, take a look at last...
Argo and Aspen Issue Loss Estimates for Q3 Natural Catastrophes
Oct 18 2017 // Argo Group International Holdings Ltd. and Aspen Insurance Holdings Ltd. have issued their third quarter catastrophe loss estimates, primarily related to Hurricanes Harvey, Irma and Maria as well as the earthquakes in...
Georgia Estimates $550M in Insured Losses from Hurricane Irma
Oct 18 2017 // Georgia’s estimated insured losses from Hurricane Irma have climbed to more than $550 million, with insurers reporting approximately 103,163 claims filed so far, according to Georgia Insurance Commissioner Ralph...
Joplin School District Still Haggling with FEMA over Cost of Tornado Repairs
Oct 17 2017 // More than six years after a deadly tornado tore through Joplin, Missouri, the heavily damaged local school district has rebuilt. Exactly how much of those costs the district will have to shoulder remains up in the air. The...
Tornado in Oregon Damages Small Planes
Oct 17 2017 // Authorities say that it was a tornado that touched down south of Portland, Ore. last week overturning small airplanes, downing power lines and damaging several glass greenhouses. National Weather Service meteorologists say...
All Wildfire Damage to California Wineries May Not be Covered by Insurance
Oct 17 2017 // Wineries damaged by wildfires tearing through Northern California are starting insurance claims, and at least some of the smaller vintners are likely to find limits in their policies mean payouts fall short of rebuilding...
When Hurricanes Wreak Havoc: An Insurance Agency’s Perspective
Oct 16 2017 // Weathering a storm like Hurricanes Harvey, Irma or Maria requires planning, insurance and grit. In a span of 30 days the devastation from multiple hurricanes impacted millions of American families and businesses. When...
California Wildfires Threaten Significant Losses for P/C Insurers, Moody’s Says
Oct 16 2017 // Moody’s released a report on Monday assessing the impact of the wildfires in California on property/casualty insurers. “Based on history and the number of structures damaged, insured losses will run into the...
PG&E’s Possible Liability in California Wildfires Targeted by Investigators
Oct 16 2017 // PG&E Corp. at the end of last week capped its worst week in nine years on speculation that downed power lines may have played a role in deadly wildfires raging across California. And the rout is far from over. After...
S&P No Longer Expects Global Re Rate Drops at Jan. 1
Oct 16 2017 // A trio of third-quarter hurricanes and continued catastrophe losses impacting insurers and reinsurers will have a greater impact on reinsurers—and may potentially fuel reinsurance rate hikes at the Jan. 1, 2018 renewal...
Q3 Catastrophe Losses Will Bring Rate Hikes by London Market Insurers: Fitch
Oct 16 2017 // Catastrophe losses from the recent U.S. hurricanes and Mexican earthquakes will lead to price rises on London market insurers’ loss-affected lines and could also affect wider market pricing trends, according to Fitch...
How Warming Seas Could Cost South Carolina $12 Billion
Oct 16 2017 // If oceans warm at a rate predicted by the Intergovernmental Panel on Climate Change, the United Nation-sponsored group that assesses climate change research and issues periodic reports, expected financial losses caused by...
Texas Windstorm Association Extends Deadline for Post-Harvey Appraisal Requests
Oct 16 2017 // As of Oct. 4, the Texas Windstorm Insurance Association (TWIA), the insurer of last resort for wind and hail along the Texas coast, had received 68,861 claims related to Hurricane Harvey, which made landfall near Rockport,...
Catastrophes and the Property Market
Oct 16 2017 // Powered by InsuranceJournal.tv The catastrophe exposed property and habitational markets could be in for some changes following this year’s active hurricane season. Joe Morrello, head of excess and surplus (E&S)...
California Commissioner Asks Insurers to Expedite Claims to Aid Wildfire Victims
Oct 15 2017 // California Insurance Commissioner Dave Jones over the weekend issued a notice to insurers asking them to agree to expedited claims handling procedures for wildfire damage claims to help fire victims more quickly. Several...
