Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
In Florida, Insurers Thankful No Major Hurricane Tested State Fund
Nov 25 2008 // As the 2008 Atlantic hurricane season officially comes to a close this on Nov. 30, Florida can be thankful for being spared from any major hurricane strike again this season. However, the dangers hurricanes present and the...
Hurricane Forecasters Take a Bow: 2008 Predictions Were Right
Nov 25 2008 // Colorado-based weather researchers say eight hurricanes formed in the Atlantic this year, the same number they predicted before the season but one less than their August update called for. Colorado State University...
Study Shows Tennessee Would Lose Most People, Buildings from Earthquake
Nov 24 2008 // A new federal study of the New Madrid Seismic Zone predicts Tennessee would see the highest level of damage if there is a 7.7 magnitude earthquake. The Federal Emergency Management Agency released the two-year study as...
New Catastrophe Bonds on Hold Pending Reinsurance Market Hardening
Nov 24 2008 // Disaster insurance bonds are one of the few assets to make any money this year but new supply is on hold pending expected price rises in the underlying reinsurance market. Market players say demand remains buoyant for the...
Successive Hurricanes: Potential Windfall for Insureds?
Nov 24 2008 // The 2008 hurricane season came very close to presenting, on a large scale, the potential quandary caused by successive losses. On Sept.1, 2008, Hurricane Gustav came ashore and caused substantial damage from the Louisiana...
Texas Governor Blasts FEMA, Creates Hurricane Recovery Commission
Nov 21 2008 // Texas Gov. Rick Perry has established the Governor’s Commission for Disaster Recovery and Renewal, an advisory panel of public and private sector experts who will create a plan to assist Texas communities with...
Officials Blame Santa Barbara Wildfire on Bonfire
Nov 20 2008 // A bonfire built by college students and never fully extinguished was responsible for the massive wildfire in Santa Barbara that destroyed 210 homes, many of them multimillion-dollar properties, authorities said. An...
Majority of Southern California Wildfires Contained
Nov 19 2008 // Firefighters are still working on containing two of the fires burning in Southern California. In the past five days, more than 42,000 acres have burned, and close to 1,000 properties have been destroyed, according to CAL...
North Carolina Still Tallying Costs of Deadly Weekend Tornado
Nov 19 2008 // North Carolina Gov. Mike Easley said more than 60 homes were either damaged or destroyed by a fatal tornado in North Carolina over the weekend, but the financial costs still were unclear. Easley met with officials in Kenly...
Firefighters Make Gains on Southern California Wildfires
Nov 18 2008 // Firefighters made progress on extinguishing the fires burning in Southern California yesterday, thanks to reduced wind conditions. To date, three of the five fires have been contained, although more than 44,000 acres have...
Rate Change Granted for Texas Windstorm Insurance Association
Nov 18 2008 // Commercial and residential rates for policies written through the Texas Windstorm Insurance Association (TWIA) will rise in February when rate increases approved by the Texas Department of Insurance (TDI) go into...
Fire Victims Should Seek Safety, Make Contact with Insurers
Nov 18 2008 // As firefighters work to contain the Tea, Sayre, and Freeway Complex fires throughout Southern California, property/casualty insurance companies are on the ground reaching out to policyholders to facilitate immediate...
Southern California Battles Devastating Wildfires
Nov 17 2008 // Southern Californians weathered a fourth day of devastation on Sunday, as wind-blasted wildfires destroyed hundreds of residences, shut down major freeways and forced thousands of residents in the path of flames to flee to...
Minor Earthquake Felt in Maine
Nov 17 2008 // People in western Maine were given a slight jolt Thursday when a minor earthquake struck in Rumford. According to the Weston Observatory at Boston College, the earthquake happened at 5:26 a.m. and had a magnitude of...
La. Citizens OKs $35M Settlement; Pays $90M in Hurricane Claims
Nov 17 2008 // The board of Louisiana’s last-resort insurance company approved paying up to $35 million to settle a class action lawsuit alleging that the firm took too long to pay off policyholders’ claims after the 2005...
Mississippi Rebuilds Its Insurance Markets
Nov 16 2008 // Wind Pool Modernization, Better Building Code Enforcement and Carrier Recruitment Efforts Begin to Pay Off Back in January, when Mike Chaney was getting ready to be sworn in as Mississippi insurance commissioner after his...
Successive Hurricanes: Potential Windfall for Insureds?
Nov 16 2008 // The 2008 hurricane season came very close to presenting, on a large scale, the potential quandary caused by successive losses. On Sept.1, 2008, Hurricane Gustav came ashore and caused substantial damage from the Louisiana...
Declarations
Nov 16 2008 // Financial Myth “This is a financially dangerous myth. … Just because the resale value of your home may have declined does not mean that the cost to rebuild it has also dropped—and that should be your target....
Study: California Earthquake Could Cause $200 Billion in Losses
Nov 16 2008 // If a magnitude 7.0 earthquake occurred on California’s Hayward Fault, it would result in economic losses between $210 billion and $235 billion, with only up to $30 billion likely to be insured, according to a study...
Best Affirms Lloyd’s Syndicates 609, 570 (Atrium/Ariel) ‘A’ Ratings
Nov 14 2008 // A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicates 609 and 570, both of which are managed by Atrium...
