Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
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...
Philippines on Alert as Typhoon Hagupit Strengthens
Dec 4 2014 // AccuWeather Global Weather Center reports that a strengthening Typhoon Hagupit is bringing life-threatening dangers to the Philippines. Hagupit strengthened into a typhoon early Tuesday night PHT (Tuesday morning EST) and...
Insurance Council: No Hurricanes, but Bad Weather Plagued Texas
Dec 3 2014 // As 2014 hurricane season ends the people of Texas can count themselves lucky to have dodged hurricanes for the past six years, which has been particularly good news for coastal residents. Despite the lack of hurricanes,...
Update: Hartford Unit Accused of Using Fudged Hurricane Sandy Report
Dec 3 2014 // A Hartford Financial Services Group Inc. unit was accused by a lawyer representing Hurricane Sandy victims of using a falsified damage report to dodge paying homeowner claims, the second insurer blamed in the last month...
XL’s New Standalone Terrorism Policy Addresses TRIPRA Gaps
Dec 3 2014 // XL Group’s U.S. Crisis Management business has introduced a new standalone terrorism insurance policy intended to help U.S. businesses address potential gaps in coverage provided by the Terrorism Risk Insurance...
Willis Re Unveils New Japan Tsunami Model
Dec 3 2014 // Willis Re, the reinsurance division of Willis Group Holdings, the risk adviser, insurance and reinsurance broker, has released a new Japan Tsunami Model to advance the industry’s understanding of catastrophic tsunami...
A.M. Best Report: Last Resort Insurers Welcome Catastrophe Bond Market
Dec 3 2014 // The convergence market has provided an opportunity for entities that act as insurers of last resort to transfer some of their peak exposures to the capital markets, according to a Best’s Special Report titled,...
Arizona Hit by Moderate Earthquake
Dec 2 2014 // A moderate earthquake that struck near Sedona, Ariz. was widely felt in the area. The U.S. Geological Survey says the magnitude-4.7 temblor struck shortly before 11 p.m. Sunday and was centered seven miles north of Sedona...
Atlantic Hurricane Season Spared All But North Carolina
Dec 2 2014 // Sunday marked the end of the 2014 Atlantic hurricane season during which North Carolina was the only state to have a storm hit the mainland. The National Oceanic and Atmospheric Administration said the six-month season saw...
Hartford Unit Accused of Using Fudged Hurricane Sandy Report
Dec 2 2014 // A Hartford Financial Services Group Inc. unit was accused by a lawyer representing policyholders affected by Hurricane Sandy of denying a claim from the storm based on an altered engineering report. The lawyer submitted...
No Ratings Impact from UK’s Counter-Terrorism/Security Bill: A.M. Best
Dec 1 2014 // A bulletin from A.M. Best indicates that it “does not expect rated insurers to be impacted by the amendments to the UK’s Counter-Terrorism and Security Bill, making it illegal for insurers to reimburse ransom...
Illinois Man Promises Neighbors Spot in Underground Tornado Shelter
Dec 1 2014 // The 1,200-pound steel cylinder in James Trudeau’s driveway certainly struck his Bourbonnais, Ill., neighborhood as odd, at least at first. Even Kankakee County’s planning department wasn’t sure what to...
Texas Company Turns Trucks into Wildfire Fighters
Dec 1 2014 // Could icemakers be next? Most of the options on the brush fire trucks made at Texas-based Steele Fire Apparatus fall into the category of things you might expect. Light towers, electrical inverters, pumps for hydraulic...
Kansas Agents See Increased Demand for Earthquake Insurance
Dec 1 2014 // Kansas insurance agencies say they’ve been flooded with queries about earthquake coverage after a 4.8 magnitude temblor struck near Conway Springs on Nov. 12. “We have been getting calls all day,” said...
