Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Lloyd’s Has Potentially Large Exposure to Catastrophic Cyber Attack: Adsensa Review
Jul 25 2016 // A review of almost 400 reinsurance contracts underwritten at Lloyd’s of London has revealed potentially significant vulnerabilities and exposures if a catastrophic cyber attack should occur. Analysis of 392 property...
Changing Political Risk Landscape: Religious Extremists, Cyberterrorism Cause Concerns
Jul 25 2016 // In a short period of time, the political risk market has experienced a significant shift in exposures, with new potential threats and different territories now threatened by attacks from religious extremists. Christof...
Coastal Insurer UPC’s First Catastrophe Bond Provides It with $100M Cover
Jul 25 2016 // Swiss Re Capital Markets said it has structured and placed $100 million of insurance-linked securities (ILS) that cover named storms and earthquakes affecting certain coastal states of the U.S. The bonds have been issued...
Florida-Based Homeowners Choice Secures Nearly $1B in Reinsurance for 2016-2017
Jul 22 2016 // Homeowners Choice Property & Casualty Insurance Company, Inc., a Florida-based provider of homeowners insurance, has completed its reinsurance program for the 2016-17 reinsurance year, which runs from June 1, 2016...
Utah Law Enables Authorities to Crash Drones at Wildfires
Jul 22 2016 // Utah’s governor has signed into law a measure that makes the state the first to let authorities jam drone signals and crash the devices specifically for flying too close to wildfires. Republican Gov. Gary...
Can States Stop Man-Made Earthquakes?
Jul 21 2016 // Stopping an earthquake before it starts? It sounds like a feat possible only for a superhero. But in Kansas and Oklahoma state policymakers are showing that insofar as humans are causing earthquakes, they can stop them,...
Travelers Hit Hard with Catastrophe Losses in Q2
Jul 21 2016 // The Travelers Companies reported an 18 percent drop in net profit for the second quarter largely due to a 50 percent rise in losses from catastrophes. Catastrophe losses of $333 million, up from $221 million for the same...
Global Insured Losses Hit $30B in 1H 2016, 30% of Economic Losses: Aon Benfield
Jul 21 2016 // Preliminary global economic losses reached US$98 billion during the first half of 2016, while global insured losses hit US$30 billion – their highest levels since 2011, according to Impact Forecasting, Aon...
American Integrity in Florida Hires Hendrickson as SVP of Risk Management
Jul 20 2016 // American Integrity Insurance has hired Gloria Hendrickson as senior vice president of Risk Management. In her role as senior vice president of Risk Management, Hendrickson will assume responsibility for risk management...
Southern Colorado Wildfire Now 30 Percent Contained
Jul 19 2016 // Firefighters are letting areas of a wildfire burn near Coaldale in southern Colorado because it is too dangerous to get into some wilderness areas, but they have managed to protect homes and contain 30 percent of the blaze...
Mid-Market Firms Fall Short on Natural Catastrophe Risk Management: Assurex Global
Jul 18 2016 // Middle market businesses in all parts of the world view their exposures to natural catastrophes as increasing but some fall short when managing these risks effectively, according to a new survey of senior executives at...
Federal Government Sues California Homeowner for $25M over Wildfire
Jul 18 2016 // The federal government is suing a California homeowner for nearly $25 million, contending his negligence sparked a 2013 fire in the mountains east of Los Angeles that forced 5,000 people from their homes. The lawsuit says...
New Jersey Storms Spawn Tornado, No Injuries Reported
Jul 18 2016 // Weather forecasters have confirmed a tornado touched down in New Jersey. The National Weather Service says a tornado with 75 mph winds was confirmed near White Township on July 14. Tom Smith says he saw a twisting black...
Allianz Names XL Catlin’s Posner Senior Underwriter for Terrorism Insurance in North America
Jul 14 2016 // Allianz Global Corporate & Specialty (AGCS) reported that Adam Posner has been named senior underwriter for Terrorism & Political Violence insurance. Posner will be based in New York and he will report directly to...
Climate Change Exposes U.S. Infrastructure to Natural Hazards, Rand Corp. Says
Jul 14 2016 // Editor’s note: This is the first of a two-part column. A follow up column will focus on how catastrophe modelers are being asked to create products that take into account potential climate change impacts. A report...
XL Estimates Q2 Cats to Cost $240M, Led by Alberta Wildfires
Jul 14 2016 // XL Group Plc, the insurer that expanded last year with the purchase of Catlin Group Ltd., said second-quarter catastrophe costs were probably about $240 million pretax, with wildfires in Alberta, Canada, responsible for...
Southern Colorado Wildfire Expected to Grow
Jul 13 2016 // Firefighters were expecting a wildfire burning near Coaldale to grow Wednesday in dry, windy weather but crews are working toward getting the blaze contained near the town between Canon City and Salida. However, the Hayden...
Kemper Estimates Q2 Catastrophe Losses of $52 Million
Jul 13 2016 // Kemper Corp. said that it estimates that its second quarter 2016 results will include pre-tax catastrophe losses of approximately $52 million. The company said it does not expect to recover any of these losses under its...
Storms & Earthquakes Drive Up Insured Losses in 1H 2016: Munich Re
Jul 13 2016 // Economic losses caused by natural catastrophes in the first half of 2016 totaled US$70 billion, a significant increase from the $59 billion reported for the first half of last year, according to a loss review issued by...
Chubb Estimates Q2 Cat Losses to Rise 54% from Q1 2016
Jul 13 2016 // Property and casualty insurer Chubb Ltd. estimated natural catastrophe losses for the second quarter to be about 54 percent higher than the first quarter, indicating another quarter of high losses due to natural disasters...
