Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Texas Enacts Windstorm Insurance Reforms; Will They Be Enough?
Jul 30 2009 // During the recently completed 81st Legislative Session, the Texas legislature adopted the most significant reforms to the Texas Windstorm Insurance Association (TWIA) since 1997 with the passage of House Bill 4409 (HB...
Travelers Earnings Fall 20% in Q2; Net Premiums Down Slightly
Jul 30 2009 // Travelers Cos. Inc. said on Thursday that second quarter earnings fell about 20 percent on lower investment income and underwriting profit. An increase in premium levels helped Travelers’ net policy sales keep pace...
Suit Targets The Hartford’s Handling of Hurricane Wilma Claims in Florida
Jul 29 2009 // A Miami lawyer has filed class action suit against The Hartford alleging the company failed to pay replacement cost on Hurricane Wilma claims to insureds who had purchased the coverage. The suit claims The Hartford refused...
Earthquake Monitors Placed in North Dakota
Jul 29 2009 // North Dakota, known for blizzards and floods, is getting sensors to check for earthquakes as part of a national project listening to what happens underground. The possibility of a big quake damaging the state is remote:...
Challenges to Anti-Concurrent Cause Clauses Linger in Katrina Lawsuits
Jul 27 2009 // Hurricane Katrina, in addition to causing unprecedented damage and destruction, added significantly to the workload of state and federal courts in Louisiana and Mississippi. Almost four years after the fact, those courts...
Kansas Town Destroyed by Tornado Now a Model ‘Green’ Community
Jul 27 2009 // Greensburg, Kan., which was nearly wiped off the map by a tornado two years ago, is famous for having the world’s largest hand-dug well and the world’s largest pallasite meteorite. Now it’s another...
IPC Sale to Validus Includes ‘Storm-proof’ Agreement
Jul 27 2009 // IPC Holdings, the Bermuda catastrophe reinsurer that attracted interest from more than a dozen bidders, held out for a storm-proof agreement before agreeing to a sale to rival Validus Holdings The $1.65 billion...
State Regulation, Earthquake Coverage of Concern to Missouri’s Huff
Jul 24 2009 // In an address to some 130 members of the Missouri Association of Insurance Agents (MAIA) Missouri Insurance Director John M. Huff made a strong argument that states, rather than the federal government, should continue to...
Canada’s Insurers Respond Quickly to Wildfire Crisis
Jul 23 2009 // Insurers in British Columbia “are acting quickly to assist those whose homes and businesses have been affected by the forest fires currently raging in the province,” notes a bulletin from the Insurance Bureau...
S&P Lowers Ratings on 6 Cat Bonds; Puts 4 on CreditWatch/Negative
Jul 21 2009 // Standard & Poor’s Ratings Services announced that it has lowered its ratings on six natural peril catastrophe bonds issued in 2007 and 2008, as listed below. The bulletin said: “We lowered our ratings by...
Web Site Estimates Damages if Old Storms Returned Today
Jul 20 2009 // This month 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...
Hawaii Could Tap Hurricane Emergency Fund to Shore-Up Budget
Jul 20 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...
Further Challenges to Anti-Concurrent Cause Clauses
Jul 20 2009 // Hurricane Katrina brought the question of the validity and applicability of ACCs to the forefront. Hurricane Katrina, in addition to causing unprecedented damage and destruction, added significantly to the workload of...
Web Site Estimates Damages If Old Hurricanes Were to Return Today
Jul 20 2009 // This month 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...
AIR Analyzes New Zealand Quake; Tsunami Warning
Jul 16 2009 // According to catastrophe risk modeling firm AIR Worldwide, a major earthquake struck off the southwestern coast of New Zealand on Wednesday July 15 at 8:22 p.m. local time (9:22 a.m. UTC). The United States Geological...
2003 San Diego Wildfires Cost $2.5 Billion
Jul 15 2009 // By looking at factors not typically analyzed after a major wildfire, San Diego State University (SDSU) researchers found that the actual economic impact of the 2003 San Diego wildfires was $2.45 billion, over $2 billion...
AIR Analyzes China Quake
Jul 13 2009 // According to catastrophe risk modeling firm AIR Worldwide, at 7:19 p.m. local time (11:19 UTC) on Thursday, July 9, a moderate earthquake struck China’s southwest Yunnan province. The USGS issued a moment magnitude...
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...
