Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
The Hartford Posts $46M Q4 Net Loss; $350M in Sandy Loss Reported
Feb 5 2013 // The Hartford Financial Services Group Inc. reported a net loss of $46 million for the 2012 fourth quarter, in contrast to the fourth quarter of 2011 when the company posted $118 million profit. The Hartford,...
Oklahoma to Host National Tornado Summit
Feb 4 2013 // Oklahoma will host its second annual national tornado summit in Oklahoma City March 10-12, the Oklahoma Insurance Department announced. Emergency managers, policymakers, insurance industry professionals, teachers, weather...
Georgia Insured Loss from Tornado Estimated at $75 Million
Feb 4 2013 // Georgia Insurance and Safety Fire Commissioner Ralph Hudgens said last week’s tornadoes caused an estimated $75 million in insured losses. Authorities believe the tornado swelled to 900 yards wide — more than...
Chubb’s 2012 Q4 Profit Drops 77% to $102M; $882M Sandy Loss Reported
Feb 1 2013 // The Chubb Corp. reported $102 million net profit for its 2012 fourth quarter, down 77.4 percent compared to the fourth quarter of 2011 when the insurer reported $452 million profit. Chubb’s net profit for the...
Willis ILS Reports 2012 as 2nd Strongest Cat Bond Issuance on Record
Jan 31 2013 // According to figures compiled for Willis Capital Markets & Advisory (WCMA), part of global insurance broker, Willis Group Holdings, “last year saw the second highest level of catastrophe bond issuance on record...
Colorado Politicians Mad Over Sandy Bill Minus Wildfire Aid
Jan 31 2013 // Colorado politicians are steaming that $125 million in aid for last year’s wildfires was removed from the Sandy relief bill. The Republican-controlled House of Representatives stripped that funding from the Sandy...
Haiti Launches Micro-Finance Catastrophe Insurance Program
Jan 30 2013 // When Hurricane Sandy struck Haiti late last year, the home Guerda Pierre shares with her three children and mother in Cabaret, north of Port-au-Prince, was flooded – and so was the merchandise she sold to make a...
Best Affirms AIG, U.S. Property/Casualty Subs Ratings; Outlook Stable
Jan 28 2013 // A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” of New York-based American International Group, Inc. (AIG), as well as the financial strength rating (FSR) of ‘A’ (Excellent) and...
Jones, CEA Pay Heed to Northridge Quake Anniversary
Jan 28 2013 // With the anniversary of the Northridge Quake in mid-January, earthquake coverage was on a lot of minds. Jan. 17 marked the 19th Anniversary of an event many Southern Californians well remember. On that day in 1994, the...
After the Storm: Agents’ E&O Lessons Learned
Jan 28 2013 // More often than not, a second wave of claims against insurance agents by their clients follows a natural disaster. For the most part, the types of allegations and claims that surface after a catastrophe are the same as...
A Plan for New York to Prepare for Catastrophes
Jan 28 2013 // New York State’s NYS 2100 Commission, created in the wake of Sandy to offer recommendations on ways to better prepare for natural disasters, is out with its initial report, including a section on potential changes to...
Half of 2012’s Global Economic Losses Due to U.S. Natural Disasters: Aon
Jan 24 2013 // While global economic losses were close to average in 2012, insured losses last year were 36 percent higher than the 10 year average ($72 billion vs. $53 billion) because the two most costly events of the year occurred in...
Wildfire Risk High in 2013 Due to Warm Weather, Drought, Warn Insurers
Jan 24 2013 // With a mild winter, relatively warmer weather in general, and drought conditions expected to continue in 2013, the Insurance Institute for Business & Home Safety (IBHS) is urging home and business owners to take action...
Aon Benfield’s 2012 Cat Review Finds 36% Rise in Insured Losses at $133 Billion
Jan 24 2013 // Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has published its Annual Global Climate and Catastrophe Report along with the establishment of a new website, Catastrophe Insight,...
Willis Experts See North Africa Terrorist Threats Rising after Algeria Attack
Jan 24 2013 // Tim Holt, Head of Intelligence for Alert: 24, a new risk and crisis management consultancy from Willis Special Contingency Risks (SCR), followed up his earlier comments by warning that the “possible spread of Islamic...
Catlin Introduces ‘UK Asymmetric’ Terrorism Insurance and Crisis Response Product
Jan 23 2013 // London-based underwriting subsidiaries of the Bermuda-based Catlin Group Limited have introduced a new terrorism insurance product that includes unique crisis response services as well as coverage for chemical, biological,...
Travelers Q4 Profit Down, Hurt by $669M Sandy Loss; Full-Year Profit Up
Jan 22 2013 // The Travelers Companies Inc. today reported net income of $304 million for the 2012 fourth quarter, down 51 percent compared to $618 million net income posted during the same period in 2011. Still, the 2012 full-year net...
Kansas, Missouri Could Be Hit by Disaster Aid Fight
Jan 18 2013 // Midwesterners accustomed to generous government aid after ice storms, floods and tornadoes may soon have to look somewhere else for help when disaster strikes. Even as the U.S. House on Jan. 15 passed a $50.7 billion aid...
A Future Without the Terrorism Insurance Backstop?
Jan 18 2013 // The federal backstop that is widely credited with establishing today’s robust terrorism insurance market may be gone in just 24 months. The consequences could be severe, from reduced availability of coverage to...
Florida Looks to Restructure Its Hurricane Fund; Federal Option Proposed
Jan 18 2013 // Florida lawmakers are poised to consider restructuring the state-run property reinsurance facility by possibly lowering its mandatory annual capacity by billions due to concerns that one major storm could exhaust its...
