Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Rate Increase OK’d for Texas Windstorm Insurance Association
Nov 16 2007 // Texas Windstorm Insurance Association policyholders’ rates will go up begining Feb. 1, 2008, as a result of rate increases approved by the Texas Department of Insurance yesterday. Texas Insurance Commissioner Mike...
Senate Approves Terrorism Backstop Extension
Nov 16 2007 // The Senate today passed the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2007, legislation that will extend the federal terrorism insurance backstop. The current federal terrorism reinsurance program...
AIR Releases Updated Version of U.S. Terrorism Model
Nov 14 2007 // AIR Worldwide Corporation has released an updated version of its U.S. Terrorism Model, which is available in Version 9.5 of its catastrophe risk management systems. AIR said the new model is the result of “two years...
S&P Report Examines Calif. Earthquake Insurance Coverage
Nov 14 2007 // As if Southern California’s recent devastating wildfires weren’t enough, the Golden State got a second jolt on Oct. 30 via a 5.6 magnitude earthquake just outside of San Jose. An article published by Standard...
Senate Bills Offer Tax Credits, Loans to Help Property Owners Hit by Disasters
Nov 13 2007 // Saying he believes that immediate assistance is needed for those living near coastal areas who are grappling with skyrocketing property insurance premiums, Senator Chris Dodd, D-Conn., chairman of the Senate Banking,...
Ga. Tree Farmers Worry about Drought, Bugs in Aftermath of Wildfires
Nov 13 2007 // The wildfires that burned almost a half-million acres in south Georgia were snuffed out months ago, but tree farmers now face prolonged drought and insect infestations as they prepare to replant the vast...
Safeco Estimates Calif. Wildfire Losses at $35 Million
Nov 12 2007 // Seattle-based Safeco is estimating that claims stemming from the recent California wildfires will amountto $35 million in pretax catastrophe losses. That figure represents the estimated losses both from claims received...
Group Urges Buyout Plan for Hurricane-Damaged Homes in New Orleans
Nov 12 2007 // Louisiana’s Road Home program could end up buying about 7,000 hurricane-damaged properties in New Orleans, creating what one faith-based group sees as a golden opportunity for new homeownership in a city that had a...
Kan. Legislative Proposal to Help Areas Hit by Flooding and Tornado
Nov 12 2007 // Two Kansas legislative leaders outlined a $17.5 million relief package Saturday, (Nov. 10) to help flood-stricken southeast Kansas and tornado-ravaged Greensburg, with money to encourage home building and tax breaks for...
Reinsurers Blast Federal Disaster Backup Plan Advancing in Congress
Nov 12 2007 // The nation’s reinsurance industry is criticizing Congressional natural disaster legislation as raising false hopes about addressing the homeowners insurance market in areas prone to hurricanes, at the expense of U.S....
More than 500 Insurance Adjusters to Assist Calif. Wildfire Victims
Nov 9 2007 // California Insurance Commissioner Steve Poizner today announced that as of Thursday, 502 emergency insurance adjusters had been registered with the Department of Insurance to expedite the processing of insurance claims for...
Houses Passes Federal Disaster Insurance Measure Opposed by Bush
Nov 9 2007 // A day after a similar bill was introduced in the Senate, the House of Representatives passed federal legislation to help hurricane and disaster-prone states make property insurance more readily available to residents...
Firefighters Warn of Continued Wildfire Threat in California
Nov 8 2007 // Rapid development in wildfire-prone areas and continued bone-dry weather have alarmed California firefighters, who began a sweeping assessment of fire danger this week and what’s needed to meet it. Catastrophic...
Fireman’s Fund Offers to Rebuild Wildfire Homes “Green”
Nov 7 2007 // In response to the Southern California wildfires that burned in late October, Fireman’s Fund Insurance Co. is responding with an innovative green upgrade for affected policyholders. The company said it will rebuild...
Catastrophe Modeling Pioneer Clark Advises on Insurers’ Best Practices
Nov 6 2007 // Karen Clark & Co. in Boston has started providing reviews of company internal catastrophe risk assessment and management processes to help companies ensure they have holistic risk management processes that comply with...
La. Dept. of Labor Gets $10.5 Million to Help with Hurricane Recovery
Nov 6 2007 // The Louisiana Department of Labor has received a $10.5 million grant from the U.S. Department of Labor to assist 3,500 citizens in hurricane-affected parishes, the agency reported. LDOL requested the National Emergency...
Report: Global Warming to Worsen Coastal Insurance Woes
Nov 5 2007 // Homeowners and businesses are finding it harder to afford, or even obtain, insurance in coastal states after catastrophes such as Hurricane Katrina, and global warming is going to make the situation worse, according to a...
Weekend’s Hurricane Noel Spares Northeast Coast Serious Damage
Nov 5 2007 // High wind and heavy surf hit parts of the Northeast U.S. coast as the remnants of Hurricane Noel blustered northeastward across the open Atlantic. The wind and rain caused some coastal flooding, brought down tree limbs and...
State Audit: Texas Slow in Delivering Federal Aid to Hurricane Victims
Nov 5 2007 // Texas has used only 2 percent of more than $500 million in federal aid for homeowners and communities hit by Hurricane Rita more than two years ago, a state audit found. State Auditor John Keel found that more than 4,000...
Lloyd’s Holds Conference on Terrorist Threats in New York
Nov 5 2007 // Threats from terrorists have become a subject nobody can ignore – least of all the insurance industry. To meet those threats requires knowing who the terrorists are and how they operate. Lloyd’s recent seminar...
