Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
With TRIA Renewal Efforts Killed, Some Predict Market Chaos
Dec 18 2014 // Property/casualty insurance industry groups, business associations and observers alike were quick to condemn the death of TRIA renewal for 2014. Without federal terrorism reinsurance in place for 2015, they predicted...
The CEA Considers a Tax by Any Other Name
Dec 17 2014 // The California Earthquake Authority has a heady legislative agenda on-tap for 2015, and Californians without earthquake insurance coverage could be made to foot the bill. The CEA’s CEO, Glenn Pomeroy, on Wednesday...
Senate Fails to Renew Terrorism Insurance
Dec 17 2014 // A U.S. program that backstops insurance companies’ losses from acts of terrorism is set to end after the Senate didn’t extend it. Efforts to reauthorize the Terrorism Risk Insurance Act for six years fell apart...
Swiss Re sigma 2014 Disaster Insured Loss Estimates = $34 Billion
Dec 17 2014 // According to Swiss Re’s preliminary sigma estimates, total economic losses from natural catastrophes and man-made disasters were $113 billion in 2014, down from $135 billion in 2013. Out of the total economic losses,...
EF0 Tornado Reported in Oklahoma
Dec 16 2014 // A small tornado that touched ground briefly in Arcadia, Okla., has been rated an EF0 by the National Weather Service in Norman. Weather service meteorologist Marc Austin said that the tornado caused no damage and appeared...
Terrorism Insurance Bill Tagged with Community Bank Provision
Dec 16 2014 // When the U.S. House of Representatives approved a terrorism insurance bill last week, it contained a little-noticed provision that would require at least one member of the Federal Reserve’s board to have community...
Fannie and Freddie: Proving That Insanity is Good for Business
Dec 15 2014 // Insanity is doing the same thing again and again and expecting a different result. Even a casual observer of the U.S. economy since its collapse in 2008 is likely familiar with the terms “toxic debt” and...
Senate Expected to Follow House, Approve Terrorism Insurance Renewal
Dec 15 2014 // Supporters of renewing the federal terrorism reinsurance program are optimistic that the Senate will follow the House and approve it, however the exact day and time of the Senate vote this week remains unclear. In addition...
A.M. Best: Global Re Stocks Underperform as Catastrophe Prices Drop
Dec 15 2014 // Stocks for publicly traded reinsurance companies (including the four large European reinsurers) performed well below the overall market through the third quarter of 2014, driven in part by the increased volatility in the...
Weather Service to Deem Tornado-Torn Arkansas County ‘Storm Ready’
Dec 12 2014 // The National Weather Service says it will recognize Faulkner County in Arkansas as a “StormReady” community next week. Forecasters said that with the deaths in last April’s tornado at Mayflower and...
Senator Criticizes ‘Unclean’ Terrorism Insurance Bill Passed by House
Dec 12 2014 // Democratic U.S. Senator Charles Schumer on Thursday called for the U.S. House of Representatives to extend a federal terrorism insurance program by passing a “clean” bill with no controversial extra...
FEMA Provides $3.9M Funds for Tornado Debris Removal in Mississippi
Dec 11 2014 // The city of Louisville and Winston County in Mississippi are being given $3.9 million in federal funds to assist with removal of debris from an April tornado. The money has been approved by the Federal Emergency Management...
Sweeping Upgrades For Quakes Proposed by Los Angeles Mayor
Dec 10 2014 // Mayor Eric Garcetti has proposed spending billions of dollars to better protect Los Angeles against a devastating earthquake by strengthening thousands of vulnerable older buildings and fortifying the city’s water...
Casualty Catastrophes Threaten (Re)Insurers’ Balance Sheets: Guy Carpenter
Dec 10 2014 // The “casualty catastrophe” is perhaps the most daunting threat that casualty (re)insurers face today, according to GCCapitalIdeas.com, Guy Carpenter’s thought-leadership blog. Casualty (or liability...
House Releases Terrorism Insurance Bill But Senate Uncertain
Dec 9 2014 // House leaders released a proposed six-year extension of a federal program to insure property against the risk of terrorism, including a Republican proposal to revise a bank regulatory law. The measure will be brought to...
Congress Weighs Adding Terrorism Insurance to Spending Plan
Dec 9 2014 // Congressional negotiators plan today to release a bipartisan U.S. government spending proposal, just days before current funding ends, after resolving disputes over Republican policy proposals. The House and Senate intend...
Update: Tropical Storm Hagupit Hits Central Philippines; 21 People Killed
Dec 8 2014 // More than 21 people were killed as heavy rain and winds lashed the central Philippines, while a weakened storm Hagupit headed toward Manila. The government shut state offices and trading of stocks, bonds and currencies was...
UPDATE: Super Typhoon Hagupit Threatens Philippines, Haiyan Hit Areas
Dec 5 2014 // AccuWeather Global Weather reports a very dangerous situation is evolving for the Philippines as Super Typhoon Hagupit, locally known as Ruby, will bear down on the nation this weekend. More than 30 million people will be...
Congress Said Close to Deal to Renew Terrorism Insurance
Dec 4 2014 // Lawmakers are close to extending a federal program that covers a portion of corporations’ losses from acts of terrorism, according to three congressional aides. House Financial Services Committee Chairman Jeb...
Cat Firm Issues Update on August Napa Quake in California
Dec 4 2014 // A brief issued on the August 2014 South Napa earthquake shows damage estimates of insured losses likely to be less than $100 million, yet total damages from the event approached $1 billion. Catastrophe modeling firm Karen...
