Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
UPDATE-2 Huge Quake Triggered Tsunami Kills 100’s in Japan; Pacific on Alert
Mar 11 2011 // The biggest earthquake on record to hit Japan rocked its northeast coast on Friday, triggering a 10-meter |33 foot] tsunami that killed hundreds of people and swept away everything in its path. Thousands of residents near...
Lawmaker Files Texas Windstorm Insurance Association Reform Bill
Mar 10 2011 // Texas State Rep. Larry Taylor, R-Friendswood, has introduced House Bill 2818, a comprehensive reform effort intended to address many of the problems confronting the Texas Windstorm Insurance Agency (TWIA). In announcing...
California Earthquake Authority Targets $5 Million to Help Agents Sell Insurance
Mar 7 2011 // New Zealand’s 6.3 magnitude Christchurch earthquake is expected to be one of the costliest global insurance events since 2008, with total insured losses ranging between $3 billion and $12 billion. And it’s not...
Texas Windstorm Insurance Litigation Costs Too High, Lawmaker Says
Mar 7 2011 // The amount the Texas Windstorm Insurance Association (TWIA) has paid out in litigation costs as a result of lawsuits stemming from Hurricane Ike claims is far too high, said one Texas lawmaker who’s working on...
California Earthquake Authority Targets $5 Million to Help Agents Sell Earthquake Insurance
Mar 7 2011 // New Zealand’s 6.3 magnitude Christchurch earthquake is expected to be one of the costliest global insurance events since 2008, with total insured losses ranging between $3 billion and $12 billion. And it’s not...
Best Comments on Impact of Christchurch Earthquake on New Zealand P/C Insurers
Mar 3 2011 // A.M. Best’s London office announced that it “has begun to assess the financial impact of the Feb. 22, 2011 Christchurch earthquake on New Zealand’s non-life insurance industry, and it expects capital...
Swiss Re Estimates Christchurch Quake Claims at App. $800 Million
Mar 2 2011 // Swiss Re has announced that, based on current information, it provisionally estimates its claims cost from the earthquake in New Zealand on February 22nd to be approximately $800 million, net of retrocession and before...
Virginia Wildfires Still Going a Week Later
Mar 1 2011 // Virginia fire officials say it may be two weeks before wildfires in Rockingham County are fully contained. Fire officials tell WHSV-TV the fires that have burned hundreds of acres were 45 percent contained Sunday. Fire...
Validus Comments on NZ Quake Loss Estimates; Q1 Loss Activity
Mar 1 2011 // Bermuda-based Validus Holdings, Ltd. Has issued a comment on worldwide loss activity occurring in the first quarter of 2011, including the February 22 New Zealand earthquake. The 6.3 magnitude earthquake which struck the...
Texas Regulators Move to Take Over Windstorm Insurance Association
Feb 28 2011 // The Texas Department of Insurance has informed the director of the state’s property insurance company of last resort for wind in the state’s coastal counties that it is placing the organization under...
Aon Benfield Analyzes Chile Quake ‘One Year On’
Feb 25 2011 // Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, has launched its new report: ‘Chile: One Year On’ ,which highlights how the earthquake tested the reinsurance market and...
PartnerRe Makes Changes in Catastrophe Business Unit
Feb 25 2011 // Bermuda-based PartnerRe Ltd. Has announced leadership changes in its Catastrophe business unit, effective April 1, 2011. Brian Secrett, currently Chief Underwriting Officer and Deputy Head, Catastrophe, has been appointed...
New Zealand May Use Cat Bonds to Recapitalize Disaster Fund
Feb 24 2011 // New Zealand’s government may have to recapitalize its crucial national disaster safety fund after being hit by two major earthquakes in five months, analysts and insurers say. The government could decide to dip into...
Missouri: Consumers not Being Protected with Earthquake Insurance
Feb 23 2011 // On the 200th anniversary of the great New Madrid earthquake, Missouri’s insurance director says most homeowners would not be adequately protected from an earthquake today. John M. Huff, director of the Missouri...
Insurers May Face $3.5-$8 Billion New Zealand Quake Hit
Feb 23 2011 // The insurance industry faces damage claims of between $3.5 billion and $8 billion from Tuesday’s devastating earthquake around Christchurch, New Zealand, catastrophe modeling firm Air Worldwide said. “The quake...
Texas Windstorm Insurance Litigation Costs Too High, Lawmaker Says
Feb 22 2011 // The amount the Texas Windstorm Insurance Association (TWIA) has paid out in litigation costs as a result of lawsuits stemming from Hurricane Ike claims is far too high, says one Texas lawmaker who’s working on...
Aon Benfield Pushes for ‘Simplified Internal Model’ for Solvency II Approval
Feb 22 2011 // Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, is calling for a “simplified Internal Model Approval Process (IMAP) for natural catastrophe risk that would encourage insurers...
State Geologists Put Calif. Earthquake Maps Online
Feb 14 2011 // Anyone with an Internet connection can now find out whether the house they want to buy is on one of California’s earthquake faults. The California Geological Survey announced that it was posting its fault zone maps...
Allstate Profit Falls as Auto, Catastrophe Claims Rise
Feb 10 2011 // Allstate Insurance net income fell 43 percent in the fourth quarter as rising claims from auto insurance customers and catastrophes took their toll. Allstate’s fourth quarter 2010 net profit was $296 million compared...
Swiss Re Urges Australia to Use Cat Bonds as Disaster Risk Rises
Feb 10 2011 // Global reinsurance giant Swiss Re said Australia’s natural disaster risk was increasing and urged its governments to cover the rising damages bill using insurance instruments like catastrophe bonds as opposed to...
