Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
6 Killed, Dozens Injured in Southeast Storms
Nov 18 2011 // At least six people have been killed and dozens more injured as a storm system that spawned several possible tornadoes moved across the Southeast. Suspected tornadoes were reported Wednesday in Louisiana, Mississippi,...
Property Catastrophe Market to See Price Hikes: Lockton
Nov 17 2011 // Large catastrophe losses and the prospect of poor investment returns are paving the way for much tougher market conditions for commercial property insurance buyers, according to a new report The new report — the Lockton...
Alabama Man Pleads Guilty in Tornado Fraud Case
Nov 17 2011 // A west Alabama man has pleaded guilty to fraudulently claiming disaster benefits following the April 27 tornadoes in Alabama. Officials say 47-year-old Robert Lee Spires entered his plea before U.S. District Judge L. Scott...
Connecticut Had 58,002 Claims for Irene, With $161M Paid Out So Far
Nov 16 2011 // Connecticut Insurance Commissioner Thomas Leonardi told a legislative committee that Connecticut saw 58,002 claims for Hurricane Irene. Of those claims, 84.8 percent have been closed (88 percent for homeowners’...
Tornado Damages Buildings in Southern Indiana Town
Nov 16 2011 // A tornado struck a southern Indiana town on Nov. 14, tearing the roof off the police and fire headquarters and leaving debris piled on the courthouse square. The National Weather Service said the nighttime storm damaged...
Van Wagoner Entering Oklahoma Commercial Earthquake Market
Nov 16 2011 // Texas-based managing general agency, Van Wagoner Companies, plans to begin selling “monoline” commercial earthquake insurance as a surplus line in Oklahoma, the Oklahoma Insurance Department announced. Van...
Kansas Earthquake Risk Rated Low
Nov 15 2011 // When it comes to the threat of damage and chaos from disasters in Kansas, earthquakes rank nearly at the bottom of the state’s list of concerns. Earthquakes rank 21st out of 22 potential hazards listed in the...
Agents Say Arkansas Earthquake Insurance Sales Up
Nov 15 2011 // Insurance agents say the recent 5.6 magnitude earthquake in Oklahoma has led many Arkansans to add earthquake insurance to their homeowner policies. The Nov. 5 quake east of Oklahoma City left damage over a wide area and...
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...
