Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Experts Estimate $300 Million in Losses from Mexico Earthquake
Apr 6 2010 // Damage estimates from Sunday’s 7.2 magnitude earthquake in Mexico, just south of California, are not expected to exceed $1 billion, and insured losses should not exceed $300 million, according to risk modeling firm...
National Hurricane Center Considers Issuing Storm Surge Warning
Apr 1 2010 // The National Hurricane Center is considering adding a storm-surge warning to its list of watches and warnings issued during hurricane season. Center officials floated the idea of a storm-surge warning to a crowd of...
Terrorism Insurance Market in State of Uncertainty
Mar 30 2010 // The threat of terrorism in the U.S. is rising but the future of the Terrorism Risk Insurance Act (TRIA) is in question. At a time when top U.S. officials warn of an imminent attack that might be hard to prevent, the...
Catlin Estimates Impact of Chilean Quake, Windstorm Xynthia
Mar 25 2010 // The Bermuda-based Catlin Group Limited has given preliminary estimates of the financial impact of the Chilean earthquake – around $140 million – and Windstorm Xynthia – less than $10 million. Catlin noted...
California Earthquake Authority Supports Federal Catastrophe Insurance Bill
Mar 22 2010 // The Homeowners Defense Act (H.R. 2555), a bill that would provide a federal backup for states with catastrophe insurance funds, would reduce California earthquake insurance premiums by about 35 percent, according to...
Growing Skepticism Ignores Climate Change Facts; Max Merges with Harbor Point; Terrorist Pirates Threaten the Malacca Strait
Mar 22 2010 // The Climate Change debate rolls on, but real decisions and effective actions remain elusive. Hardly a week goes by without a new report or study on the changes affecting the atmosphere, but the general public appears to be...
Innovative Use of Insurance Tools in Disaster Risk Management for Sustainable Development
Mar 22 2010 // The devastating effects of Hurricane Ivan in the summer of 2004, when it crossed the Caribbean Sea causing major damage in Grenada, Jamaica and the Cayman Islands, produced one good thing. The Caribbean Community and...
Terrorism Coverage in the Everyday World
Mar 22 2010 // Because of the threshold amount, many acts of domestic terrorism may not be certified. Even under the TRIA, insurers may exclude coverage for loss resulting from ‘non-certified’ acts of terrorism. After the...
First Tsunami Awareness Week: States To Test Communication System
Mar 22 2010 // In the wake of last month’s tsunami in Chile and less than six months after a tsunami hit American Samoa — both events that resulted in loss of life and property — The National Oceanic and Atmospheric...
Volcano Erupts in Iceland, Hundreds Evacuated; Airspace Closed
Mar 22 2010 // Authorities evacuated hundreds of people after a volcano erupted beside a glacier in southern Iceland, the country’s civil protection agency said Sunday. The eruption occurred around 11:30 p.m. Saturday (19:30 EDT)...
XL Estimates Chile Quake, Xynthia Losses at $160 to $230 Million
Mar 18 2010 // XL Capital Ltd’s preliminary net loss estimates for the earthquake in Chile and European Windstorm Xynthia indicated they will total between $160 and $230 million. Preliminary loss estimates related to the Chilean...
SCOR’s Preliminary Quake, Storm Loss Estimates Around $130 Million
Mar 18 2010 // French reinsurer SCOR Group announced that based on preliminary estimates, it expects its related costs from the earthquake in Chile and Windstorm Xynthia to be approximately €95 million ($130 million) net pre-tax,...
Chubb Expands Its Private Wildfire Protection Network Into Texas
Mar 17 2010 // The Chubb Group of Insurance Companies has expanded its wildfire defense services to homeowner policyholders in Texas. In addition to providing wildfire education and property risk assessments, the program responds to...
CCRIF Considering Need to Expand Coverages after Haiti Quake
Mar 17 2010 // A bulletin from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) indicates that many of its member countries “are re-examining their preparedness for natural catastrophes, including their levels of coverage...
Swiss Re ‘sigma’ Study: Insured 2009 Disaster Losses Cost $26 Billion
Mar 16 2010 // Swiss Re’s annual sigma study has calculated that “natural catastrophes cost insurers $22 billion in 2009, while man-made disasters cost an additional $4 billion. Insured losses were highest in North America,...
Moody’s Changes Calif. Earthquake Authority’s Bond Rating to Negative
Mar 16 2010 // Moody’s Investors Service announced it has affirmed the A3 rating on the California Earthquake Authority’s 6.169 percent fixed rate Series 2006-B revenue bonds (mature July 20, 2016) and changed the rating...
Windstorm Xynthia Losses Near $2 Billion: EQECAT Update
Mar 15 2010 //
Forecasters Predict Active Hurricane Season
Mar 15 2010 // Meteorologists are predicting an active 2010 hurricane season with above-normal threats on the U.S. coastline. Hurricane Forecaster Joe Bastardi, with the AccuWeather.com Hurricane Center, said Wednesday that he predicts...
Hiscox Underwriting Chief on 2010 Outlook
Mar 11 2010 // London-based specialty insurer Hiscox, which launched a significantly expanded U.S. presence in 2006, saw gross profits reach record levels ($481 million) in 2009. In this exclusive interview with Insurance Journal, Hiscox...
Calif. Earthquake Authority CEO Testifies In Support of Cat Insurance Bill
Mar 11 2010 // California Earthquake Authority CEO Glenn Pomeroy testified before the U.S. House of Representatives Subcommittee on Housing and Community Opportunity and Subcommittee on Capital Markets, Insurance, and Government...
