Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Aon Benfield Launches Updated UK Terrorism Cat Model
Nov 15 2011 // Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp., announced that it has updated its UK terrorism catastrophe model, which now “estimates the financial loss to life insurers from...
Swiss Re Places $130 Million Cat Bond for Hurricanes, European Wind
Nov 9 2011 // Swiss Re has obtained a further $130 million in protection through the Successor X Ltd. catastrophe bond program, which covers exposures to “North Atlantic hurricane and European windstorm.” Swiss Re noted that...
Oklahoma Lawmaker: State Needs to Review Earthquake Issues
Nov 8 2011 // In light of the increasing number and severity of earthquakes in Oklahoma, state Rep. Mike Shelton said lawmakers need to review disaster preparedness-and-response policies. “I represent much of eastern Oklahoma...
Not Much Earthquake Insurance Sold in Oklahoma
Nov 8 2011 // About $6.7 million in earthquake insurance is written annually in Oklahoma, state insurance regulators say. Only about 1 percent of homeowners carry earthquake insurance — earthquake damage typically is not covered in...
Insurers, Policyholders Clash Over Business Interruption Claims
Nov 7 2011 // Over the years, insurance companies and policyholders have been arguing in courts over how to calculate business interruption losses during catastrophes. This is the type of coverage that is often ignored until there is a...
Best Affirms Hannover Re and Subs ‘A’ Ratings; Outlook Positive
Nov 7 2011 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Hannover Rueckversicherung AG (Hannover...
Texas Lawmaker Uses Jewish Slur in Windstorm Hearing, Then Apologizes
Nov 7 2011 // A Texas state lawmaker on Nov. 3 used a Jewish slur during a legislative committee hearing while telling officials not to delay or cheat people out of legitimate property insurance claims. Rep. Larry Taylor, of...
Numerous Aftershocks Follow 5.6 Magnitude Earthquake in Central Oklahoma
Nov 7 2011 // Central Oklahoma on Nov. 6 experienced dozens of aftershocks following a magnitude 5.6 earthquake that hit late in the evening on Nov. 5 and the magnitude 4.7 tremblor that occurred earlier on the same day east of Oklahoma...
California Earthquake Authority Keeps “A” Ratings
Nov 7 2011 // Fitch Ratings has affirmed the “A” rating on California Earthquake Authority’s outstanding fixed-rate revenue bonds, which mature on July 1, 2016, citing the organization’s ability to cover losses...
Accident Fund Will Cover Comp Claim for Joplin Tornado Survivor
Nov 7 2011 // Michigan-based Accident Fund Insurance Co. of America says it will honor the workers’ compensation claims for a man injured during the tornado outbreak in Joplin, Mo., earlier this year. Mark Lindquist, a social...
Why 9/11 Changed Everything
Nov 7 2011 // Prior to the Sept. 11 attacks 10 years ago, the thought of terrorism didn’t loom large in our nation’s collective psyche or our business decisions; since then, however, it has become a constant factor. This...
State Farm and Sen. Blumenthal Debate Hurricane Deductible
Nov 7 2011 // U.S. Sen. Richard Blumenthal (D-Conn.) recently called on State Farm to drop its hurricane deductible for Connecticut residences whose homes were damaged by Tropical Storm Irene. But State Farm shows no sign of giving in...
P/C Market to See Only Moderate Changes in Rates in 2012: Willis
Nov 4 2011 // Property/casualty insurance rates will continue to be flat to with some slight increases or decreases in most major and specialty lines of insurance. Some exceptions to that trend include catastrophe-exposed property...
AIG Reports Q3 Net Loss of $4.1 Billion
Nov 3 2011 // American International Group reported on Thursday a net loss of $4.1 billion and an after-tax operating loss of $3.0 billion for the third quarter ended Sept. 30, 2011, compared with a net loss of $2.5 billion and an...
Florida, Georgia Agree on Catastrophe Cooperation Plan
Nov 2 2011 // Florida and Georgia have renewed their partnership to provide services in the event a catastrophe compromises their ability to respond to a disaster. First drafted in 2009, the updated plan is designed to ensure a...
S&P Affirms Montpelier Re Ratings; Outlook Stable
Nov 1 2011 // Standard & Poor’s Ratings Services has affirmed its ‘BBB’ long-term counterparty credit rating on Montpelier Re Holdings Ltd. and its ‘A-‘ counterparty credit and financial strength...
AIR Gives Preliminary Analysis of Peru Quake Losses
Oct 31 2011 // In a bulletin released shortly after the earthquake in Peru, Catastrophe modeling firm AIR Worldwide said that “given the relatively sparse population in the epicentral area and the fact that insurance penetration is...
AIR Worldwide Launches Multiple Peril Crop Insurance Model for China
Oct 31 2011 // Catastrophe risk modeling firm AIR Worldwide announced that it has released the industry’s first Multiple Peril Crop Insurance (MPCI) Model for China. AIR said the “new model provides a fully probabilistic...
Q3 Earnings Report: Transatlantic, W.R. Berkley Post Lower Profits
Oct 28 2011 // New York-headquartered international reinsurer Transatlantic Holdings reported third-quarter net income of $68 million, down significantly from $134 million one year ago. The earnings were hurt by $71 million of pre-tax...
50 Homes Added to Louisiana Hurricane Repair Program
Oct 28 2011 // Fifty additional homes have been added to a federal repair program for people in St. John the Baptist Parish, Louisiana, whose houses were damaged by Hurricanes Gustav and Ike. The Times-Picayune reports the parish council...
