Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Alaskans Brace for Possible Volcanic Eruption
Feb 5 2009 // Maree Shogren knows firsthand the toxic power of a volcano, so don’t blame her for being a little freaked out about the expected eruption of Alaska’s Mount Redoubt. The Anchorage woman vividly recalls the 1992...
Ike Vendors Still Waiting for Texas to Pay Hurricane Response Bills
Feb 5 2009 // The state of Texas has accrued $134 million in unpaid bills from emergency response to Hurricane Ike – and vendors want their money. Jack Colley, the state’s director of emergency management, told the state...
Earthquake Reveals Cracks in Washington Alert System
Feb 4 2009 // When an earthquake larger than magnitude 3 strikes the Northwest, an automated system is supposed to page University of Washington seismologists and notify emergency managers. But that’s not what happened on Jan. 30,...
Texas Governor Calls for Reform of Texas Wind Pool Funding
Feb 4 2009 // Three of the five emergency items that Texas Gov. Rick Perry has outlined for the 2009 legislative session relate to hurricane recovery, including legislation to reform the Texas Windstorm Insurance Association (TWIA) and...
Third Earthquake Recorded In Southeastern Oklahoma
Feb 4 2009 // For the third time in less than a week a small earthquake has been recorded in Oklahoma, but geological experts say these occurrences are not uncommon or cause for alarm. The U.S. Geological Survey reported a magnitude 3.2...
Report Finds Cat Bond Market Resilient in Financial, Property Catastrophes
Feb 4 2009 // Catastrophe bonds withstood the impact of onerous market forces in 2008, brought on by turmoil in the global capital markets, according to a new briefing on catastrophe bond market activity. The cat bond market update,...
Recession, Credit Crisis Stall Louisiana’s Hurricane Recovery Bonds
Feb 2 2009 // The U.S. recession and credit crisis have stalled a financing program created to help Louisiana recover from 2005’s devastating hurricanes, the southern state’s secretary for economic development told...
Allstate Posts 9% Decline in Profit for 2008; Combined Ratio at 99.4%
Jan 29 2009 // Allstate reported consolidated revenues were $6.6 billion in the fourth quarter of 2008 and $29.4 billion for the 2008 year, a 9 percent drop from the previous year. The decrease in revenue of $2.4 billion and $7.4 billion...
Earthquake Reported in Central Oklahoma
Jan 29 2009 // The U.S. Geological Survey is reporting an earthquake southwest of Oklahoma City. The quake had a preliminary magnitude of 3.4 and no injuries or damage were reported. The U.S.G.S. say the earthquake was felt about 5:19...
Small Earthquakes Reported in Northeast Arkansas
Jan 28 2009 // A series of small earthquakes occurred Jan. 26 in northeast Arkansas. The U.S. Geological Survey said three quakes of magnitudes ranging from 2 to 2.8 occurred between 1 a.m. and 5:09 a.m. a few miles east of Walnut Ridge...
Study: Southern California Could be Overdue for Earthquake
Jan 28 2009 // Southern California could be overdue for a powerful earthquake along the notorious San Andreas fault line, according to a new study. New research to be published and carried out by scientists at the University of...
Hiscox Comments on Renewals, Investments, Currency, Hurricanes
Jan 27 2009 // Bermuda-based Hiscox Ltd. has issued a summary of the January renewals, its expected investment returns and the effect of currency fluctuations, as well as its hurricane loss estimates. Hiscox said it has “seen good...
Travelers Reports Solid Q4, Year-End Underwriting; ‘Well Positioned’ for 2009
Jan 27 2009 // The Travelers Companies, Inc. reported net income of $801 million for the quarter ended Dec. 31, 2008, compared to $1.063 billion, for the quarter ended Dec. 31, 2007. Operating income in the current quarter was $939...
How Lawyers Hope to Fix Catastrophe Insurance Problems
Jan 25 2009 // The nation’s lawyers who deal with insurance issues are developing policy recommendations designed to improve access to insurance coverage, reduce litigation over coverage and mitigate future losses involving natural...
Insurance Claims for 2008 U.S. Catastrophes to Top $25 Billion
Jan 25 2009 // U.S. property/casualty insurers are expected to pay homeowners and businesses $25.2 billion for 2008 property losses from 37 catastrophes — the fourth highest cost in a decade and the highest frequency in a decade,...
Lloyd’s Web Site Summarizes Current Opinions on Climate Change
Jan 23 2009 // “The string of natural catastrophes that wreaked havoc in 2008, costing the global economy $225 billion and leaving insurers with their second costliest year in history, graphically highlights the increasing risks to...
Scientist: Fault Puts East Arkansas at Earthquake Risk
Jan 23 2009 // A previously unknown fault in eastern Arkansas could trigger a magnitude 7 earthquake in the cotton fields of the upper South with an epicenter near a natural gas pipeline, a scientist said. Haydar Al-Shukri, the director...
Texas Windstorm Insurer: Repairs Must Follow Wind Code Rules
Jan 23 2009 // The Texas Windstorm Insurance Association is instructing agents who have clients with residential dwellings insured under the TWIA waiver program that all repairs must be done to the current catastrophe area wind code...
Validus Ups Ike Losses to $235 Million
Jan 22 2009 // Bermuda-based Validus Holdings announced that it has increased its estimate of the net adverse effect from Hurricane Ike by approximately $70.1 million to a current total estimate of approximately $235.1 million. Validus...
Texas Led Nation in Catastrophic Losses in 2008
Jan 21 2009 // A combination of hurricanes and severe thunderstorms pushed claims to exceed $10 billion for Texas property and casualty insurers in 2008. The losses in Texas exceeded all of the industry’s catastrophic losses for...
