Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Calif. Senators Introduce National Earthquake Legislation
Apr 4 2011 // U.S. Sens. Dianne Feinstein and Barbara Boxer, both D-Calif., introduced legislation to lower the cost of earthquake insurance for Californians and individuals who purchase coverage from a nonprofit, state-run...
Michigan Catastrophic Auto Insurance Fee to Rise 1.3%
Apr 4 2011 // Michigan auto insurance policyholders will pay an additional $1.91 starting July 1 to help pay the lifetime medical expenses of people seriously injured in accidents. The lifetime benefit is a part of Michigan’s...
Business Income: It’s Really Easy
Apr 4 2011 // Few insurance coverages illicit such fear or visceral reaction as does business income coverage (aka time element). Without being too glib, business income concepts are actually simple to understand and explain to your...
Hurricane Protection
Apr 4 2011 // The Army Corps of Engineers said it will meet its deadline to greatly improve the New Orleans area’s hurricane-protection system by the start of the 2011 storm season. The deadline to have New Orleans ready for a...
Heading to Hawaii
Apr 4 2011 // GeoVera Insurance Co. has launched a residential windstorm-hurricane insurance product in Hawaii. The policy will insure residential properties against the single peril of windstorm during a hurricane. GeoVera is...
Hurricane Names Retired
Apr 4 2011 // Hurricanes Igor and Tomas are no longer a threat. The World Meteorological Organization has retired the two names from those used in 2010 because of the damage they caused. Names are retired from time to time to avoid...
AIR Releases New Northwest Asia-Pacific Area Wide Typhoon Model
Mar 31 2011 // Catastrophe modeling firm AIR Worldwide has released an enhanced typhoon model for the Northwest Pacific Basin. AIR said the “model, which was released in Version 12.5 of AIR’s CLASIC/2™ and CATRADER®...
Willis Re: Japan Quake Not Enough to Turn Soft Market
Mar 31 2011 // A report from Willis Re, the reinsurance brokerage arm of Willis Group Holdings, notes that “relatively orderly price movements at the April 1 Japanese reinsurance renewals reveal that the Tohoku Earthquake is not...
Lloyd’s ‘Confident’ It Can Cope with Japan Claims
Mar 30 2011 // The Lloyd’s of London insurance market is confident it can deal easily with claims from Japan’s earthquake even though natural disasters almost halved its profit last year. Lloyd’s said its businesses had...
Cat Bond Investors Braced for Japan Disaster Hit
Mar 30 2011 // The Japanese earthquake is set to be the first natural disaster that triggers a number of catastrophe bonds, surpassing Hurricane Katrina to become the event with the biggest impact on the alternative reinsurance...
Hawaii May Drain Hurricane Funds
Mar 29 2011 // Hawaii is running out of time to find an estimated $232 million needed to balance the budget over the next three months, leading Gov. Neil Abercrombie’s administration to consider emptying the state’s hurricane...
2010 Nat Cats, Disasters Cost $218 Bn – $43 Bn Insured; Says Swiss Re
Mar 29 2011 // According to Swiss Re’s latest sigma study, worldwide economic losses from natural catastrophes and man-made disasters were $218 billion in 2010, more than triple the 2009 figure of $68 billion. The losses cost the...
S&P Puts Montana Re Cat Bonds on CreditWatch Negative after Japan Quake
Mar 28 2011 // Standard & Poor’s Ratings Services has placed its ‘B- (sf)’ rating on Montana Re Ltd.’s Class E notes on CreditWatch with negative implications. The notes, totaling $210 million, were originally...
Michigan Catastrophic Auto Insurance Fee to Rise 1.3%
Mar 28 2011 // Michigan auto insurance policyholders will pay an additional $1.91 starting July 1 to help pay the lifetime medical expenses of people seriously injured in accidents. The lifetime benefit is a part of Michigan’s...
New Jersey, Home to Oldest U.S. Nuke Plant, Reviewing Safety
Mar 28 2011 // New Jersey, the most densely populated state and home to the nation’s oldest nuclear power plant, created a task force Friday to review safety and emergency response plans at nuclear plants in light of the disaster...
S&P: Outlook Negative on 9 Japanese P/C Insurers; Ratings Affirmed
Mar 25 2011 // Standard & Poor’s Ratings Services has conducted a detailed analysis of 15 Japanese P/C insurers, and has made several adjustments in its ratings following the earthquake and tsunami, which hit the country on...
AIG Expects ‘Minimal’ Effects from Japan Claims
Mar 24 2011 // American International Group Inc. said Wednesday it expects “minimal net effects” from the recent earthquake and tsunami on the financial condition of its local Japanese operations, including those of Fuji Fire...
Allianz Nat Cat Analysis: Economic Growth a Major Factor for Increased Losses
Mar 24 2011 // Experts on natural catastrophe risk at Allianz have highlighted the growing trend in insured losses arising from natural catastrophes worldwide in a risk briefing – the “Allianz Risk Pulse: Focus Natural...
U.S. Coastlines Should Be Prepared for Potential Tsunamis
Mar 23 2011 // In the wake of Japan’s tsunami disaster, the National Oceanic and Atmospheric Administration (NOAA) is urging Americans who live and vacation at the coast to take the threat of tsunamis seriously. With more coastline...
