Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
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...
Igor, Tomas Retired as Hurricane Names
Mar 23 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...
Insurer Shares Relatively Unaffected by Japan Damage Estimates
Mar 23 2011 // Insurer shares largely shrugged off the industry’s first round of damage estimates from this month’s earthquake in Japan, which may prove to be the world’s costliest disaster. Munich Re and Hannover Re,...
Munich Re Estimates Japan Quake, Tsunami Claims over $2 Billion
Mar 23 2011 // Munich Re announced that it has estimated its claims burden from the earthquake and tsunami in Japan at around €1.5 billion [$2.128 billion], after retrocession and before tax. As a result Munich Re said its...
Hannover Re Estimates Japan Quake, Tsunami Losses at $355 Million
Mar 23 2011 // Hannover Re announced that, “based on its analysis of individual treaties,” its loss expenditure from the Japan earthquake is expected to be around €250 million [$355 million] after retrocessions and before...
Japan Govt. Estimates Quake, Tsunami Damages at $185 to $308 Billion
Mar 23 2011 // The Japanese government on Wednesday estimated the direct damage from a deadly earthquake and tsunami that struck the country’s northeast this month at 16-25 trillion yen ($185-$308 billion), making it the...
Platinum Estimates NZ Quake, Aus. Flood Losses at $160 Million; Assessing Japan
Mar 23 2011 // Bermuda-based Platinum Underwriters Holdings has announced that it currently expects the 2011 Australian floods and Cyclone Yasi and the 2011 New Zealand earthquake will “have a net negative impact of approximately...
AXIS Estimates NZ Quake, Aus. Flood Losses at $275 to $315 Million
Mar 22 2011 // AXIS Capital Holdings Limited has issued a bulletin which estimates that the “total net impact of the New Zealand earthquake and loss events in Australia that have occurred to date in the first quarter of 2011 will...
Japan Disaster Shows up Flaws in ‘Just-in-time’ Production
Mar 22 2011 // Just over a week after the massive earthquake hit the sprawling Texas Instruments chip plant here, a gardener is reworking the Japanese garden in an inner courtyard of the office tower attached to the plant. The garden is...
High-Risk Properties Require Higher Level of Care
Mar 21 2011 // High-risk property is a location that is inherently dangerous due to the nature of its operations or that is exposed to powerful forces of nature such as hurricanes, earthquakes, and floods. Insuring against these...
Swiss Re Estimates Japan Earthquake, Tsunami Claims at $1.2 Billion
Mar 21 2011 // Swiss Re has released a preliminary estimate of its claims costs, net of retrocession and before tax, from the earthquake and the tsunami in Japan of $1.2 billion. The reinsurer cautioned that these “estimates are...
Western U.S. Tsunami Damage Exceeds $50 Million
Mar 21 2011 // Tsunami waves following Japan’s massive earthquake are estimated to have caused more than $50 million in damage in the Western United States, according to local officials. In Hawaii, Gov. Neil Abercrombie issued an...
Be Prepared
Mar 21 2011 // Insurers and reinsurers may have sufficient funds to absorb losses from Japan’s 9.1 magnitude earthquake, yet the impact of the quake and resulting tsunami and fires are a stark reminder that it’s important to...
Mitigation Consensus
Mar 21 2011 // The Griffith Insurance Education Foundation recently brought together industry, government and academic leaders — many from disaster-prone coastal states such as Florida Louisiana and Mississippi for a symposium at Ohio...
AIG Estimates $1 Billion in Q1 Catastrophe Losses, Most from Japan
Mar 20 2011 // American International Group Inc. said it would post an estimated $1 billion in pre-tax catastrophe losses in the first quarter, mostly from exposure to the March 11 earthquake in Japan. AIG said its exposure would be...
