Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
XL’s Japan Quake/Tsunami Loss Estimates – $190 to $290 Million
Apr 5 2011 // XL Group plc announced that its preliminary net loss estimates for the March 11, 2011 earthquake and tsunami in Japan, pretax and net of reinsurance and reinstatement premiums, “range from approximately $190 million...
Amlin Estimates Claims from Q1 Catastrophes
Apr 5 2011 // Specialist insurer Amlin plc has released initial estimates of the impact of the 2011 New Zealand earthquake, the Japanese earthquake and the 2011 Queensland floods. The bulletin described the 2011 New Zealand earthquake...
Calif Tsunami Damage Estimate Increases
Apr 5 2011 // California’s damage estimate from last month’s tsunami has increased. California Emergency Management Agency spokesman Brad Alexander said the most recent damage estimate was $48 million, $4 million more than a...
More Than 300 Homes Evacuated in Colorado Wildfire
Apr 4 2011 // Strong winds fueled a wildfire in canyon country west of Fort Collins, Colo., forcing the evacuation of 335 homes, authorities said April 3. There have been no reports of any injuries or damage to any of the dwellings, but...
Crunching Japan’s Disaster Numbers: Final Bill May be Staggering
Apr 4 2011 // Japan’s government expects last month’s earthquake and tsunami to cost up to $300 billion in material damage, but the ultimate cost will be far higher. Tokyo Electric Power Co (TEPCO), operator of the crippled...
Aon Benfield Report: Despite Catastrophes, Reinsurance Rates Remain Stable
Apr 4 2011 // Aon Benfield’s most recent evaluation of the state of the reinsurance market, as of April 1, concludes that it performed “as intended through recent events,” and that it continues “to provide...
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...
