Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
S&P Raises Validus Outlook to ‘Positive;’ IPC Outlook Stays Negative
Jul 13 2009 // Standard & Poor’s Ratings Services has revised its outlook on Bermuda-based insurance and reinsurance holding company Validus Holdings Ltd. to positive from stable, and has affirmed its ‘BBB-‘...
Hawaii Could Tap Hurricane Emergency Fund to Shore-Up Budget
Jul 10 2009 // A Hawaii judge has blocked Gov. Linda Lingle from forcing thousands of public employees to take three unpaid days off per month, dealing her a setback in efforts to tame a huge state budget gap. Unions opposed to the...
Marsh Finds UK Firms lacking Knowledge of Overseas Risks
Jul 10 2009 // New research by Marsh has determined that “British organizations are more concerned during the recession by overseas risks affecting their supply chains and business rather than by threats closer to home.” In...
Web Site Estimates Hurricane Damages If Old Storms Returned Today
Jul 10 2009 // Today marks the four-year anniversary of Hurricane Dennis, a Category 3 storm that slammed into the panhandle of Florida with sustained winds of 120 m.p.h. While Dennis inflicted more than $2.2 billion in damage in 2005...
Developing El Nino Could Suppress Atlantic Hurricanes
Jul 9 2009 // El Nino weather anomaly has developed and it may not be as strong as the killer which struck more than a decade ago, the U.S. Climate Prediction Center said Thursday. The CPC, an office under the National Oceanic...
Few Complaints from Texas 2008 Hurricane Claims
Jul 8 2009 // The Texas Department of Insurance (TDI) reported it has received a total of 1,201 justified complaints from the nearly 900,000 claims that originated from Hurricanes Ike and Dolly in 2008. The complaints represent less...
New Rhode Island Law Saves Residents Money When Storms Loom
Jul 6 2009 // A new law could save homeowners money when a hurricane off the Atlantic coast churns up weather strong enough to damage homes in Rhode Island but never reaches the state. Legislation signed last month by Gov. Don Carcieri...
Reinsurance Market Remains Stable; Rates Steady, Reports Guy Carpenter
Jul 1 2009 // Upward pressure on property/catastrophe reinsurance rates in the U.S. eased at the July 1, 2009 renewal, as capacity in the market remained sufficient without being abundant, according to a briefing published today by Guy...
Cat Bond Market Still Seeking Collateral Solution
Jun 29 2009 // Insurers are still seeking a universal solution to weaknesses in catastrophe bonds exposed by Lehman Brothers’ collapse, though structural improvements have helped push sales past $1 billion this year. This...
U.S. House Panel to Bring Homeowners Insurance Crisis Hearing to Florida
Jun 26 2009 // A subcommitee of the U.S. House of Representatives that is looking into trouble spots in the country’s homeowner insurance market is coming to Florida in July. House Financial Services Oversight and Investigations...
South Texas Brokers Charged with Multi-Million Dollar Insurance Fraud
Jun 25 2009 // Two licensed insurance brokers with offices in the Brownsville, Texas, area have been charged with conspiracy, mail fraud and wire fraud in a multi-million dollar scheme, according to U.S. Attorney Tim Johnson. The U.S....
All North Carolina Homeowners Could Pay If Insurers, Beach Plan Fall Short
Jun 24 2009 // Every insured homeowner in North Carolina could shoulder the cost of rebuilding if a massive hurricane hits under a deal taking shape in the Legislature. The legislation (HB1305), expected to be detailed in a House...
Texas Restructures Windstorm Insurance Fund
Jun 22 2009 // Texas Gov. Rick Perry on Friday signed into law bills to restructure the state’s windstorm insurance fund, the only property insurer for homeowners and business in 14 coastal counties, and provide financial help to...
New Rhode Island Law Saves Residents Money When Storms Loom
Jun 19 2009 // A new law could save homeowners money when a hurricane off the Atlantic coast churns up weather strong enough to damage homes in Rhode Island but never reaches the state. Legislation signed last week by Gov. Don Carcieri...
Earthquake Monitors Headed to Midwest
Jun 18 2009 // More than 40 earthquake recording stations will be placed around the state and in Iowa as part of a federal initiative overseen by Missouri University of Science and Technology. The seismic monitors join another 400...
Momentous Insurance, Fireman’s Fund Urge California Wildfire Preparedness
Jun 17 2009 // Momentous Insurance Brokerage of Van Nuys, Calif., has partnered with Fireman’s Fund Insurance Co. and the Burbank Fire Department to help protect Southern Californians from wildfires. In 2006, Momentous secured a...
New Homeowners Earthquake Rating Plan Available
Jun 16 2009 // Wheaton, Ill.-based American Association of Insurance Services (AAIS) has developed a new rating plan for adding earthquake coverage to policies based on standardized forms, manual rules, and rating information provided...
It Figures
Jun 15 2009 // $9.3 Million An Arkansas lawyer who controlled an escrow account for a settlement in a case involving the Bisys Group Inc. insurance services firm has pleaded guilty to charges of stealing more than $9 million from the...
Texas Windstorm Insurance Bill Passes
Jun 15 2009 // Texas lawmakers on the first day of the 2009 hurricane season and the last day of the Texas legislative session passed a bill – HB 4409 – aimed at recapitalizing the Texas Windstorm Insurance Association...
2004/2005 Hurricane Seasons Provided Unprecedented Claims Data
Jun 15 2009 // Cat Modelers and Insurers Applying Lessons Learned Since Hurricane Katrina wreaked its damage in 2005, catastrophe modeling firms and the property and casualty insurance industry have learned more about the scientific and...
