Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Figures
Jul 23 2007 // $2.175 Billion U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $2.175 billion for second-quarter property losses resulting from six catastrophes in 25 states — tying the...
The tale of two states
Jul 23 2007 // For years the insurance industry has fought desperately to reduce or eliminate burdensome governmental regulation, insisting that competitive market forces will adequately regulate the industry. Deregulation has dominated...
Editor’s Note: Of wind and floods
Jul 23 2007 // Is there a place for windstorm coverage in the National Flood Insurance Program? Not according to three major trade groups representing insurance companies — they have officially taken a stand against proposals to...
News Currents
Jul 23 2007 // Wind insurance costly, scarce on Gulf Coast A study recently issued by the RAND Corporation recognizes what many businesses along the Gulf of Mexico coast have known for a couple of years now: They have had difficult time...
Calif. workers’ comp earthquake losses could exceed $150 million annually
Jul 23 2007 // California workers’ compensation insurers will need $180 million annually to pay for workers’ compensation losses induced by earthquakes, according to a recently released study by the Workers’...
The tale of two states
Jul 23 2007 // For years the insurance industry has fought desperately to reduce or eliminate burdensome governmental regulation, insisting that competitive market forces will adequately regulate the industry. Deregulation has dominated...
Editor’s Note: Of wind and floods
Jul 23 2007 // Whether or not H.R. 920 is successfully passed, it’s becoming increasingly clear that the federal government is taking notice of the problems certain areas of the country face with regard to windstorm insurance. Is...
Calif. Earthquake Authority pushes for industry assessments
Jul 23 2007 // Southbound Highway 880 traffic was routed around a damaged section of Highway 580 in Oakland, Calif., Monday, April 30, 2007. Crews sifted Monday through the wreckage of a collapsed freeway overpass, and emergency response...
News Currents
Jul 23 2007 // Fireman’s Fund launches Bay Area wildfire readiness program To kick off Fireman’s Fund wildfire readiness program, firefighters from the Marin County, Calif., Fire Department ignited a controlled fire on the...
Industry supports terror bill but not all agree with NBCR mandate
Jul 23 2007 // At a congressional hearing in Washington, D.C. last month, insurance industry group representatives generally spoke in favor of a bill that would extend the federal backstop for terrorism insurance coverage for another 10...
Allstate 2nd Quarter Earnings Rise 16 Percent, Fall Short of Estimates
Jul 20 2007 // Allstate Corp., the nation’s No. 2 property and casualty insurer, said Wednesday its second-quarter profits climbed 16 percent on strong auto insurance sales but operating income fell as the company paid...
Big California Wildfire Still a Potential Threat to Rural Homes
Jul 20 2007 // California firefighters have been working to stop a 28,346-acre wildfire from spreading in rugged Central Coast wilderness and posing a threat to rural homes, while rain aided the battle against an 8,250-acre forest fire...
Steam Explosion Causes Scare in NYC; Not Believed to Be Terrorism
Jul 20 2007 // New York City fire and emergency crews responded to the scene of a suspected steam explosion near Grand Central Station in Manhattan on Wednesday during the evening rush hour, officials said. The New York Police Department...
Borrowing Money Likely Option for Florida Catastrophe Fund
Jul 18 2007 // Florida officials said Monday they are considering borrowing as much as $5 billion to make sure the Hurricane Catastrophe Fund will have enough to pay claims in the event of a large hurricane. The state Board of...
Strong Earthquake in Japan Takes 7 Lives, Destroys Hundreds of Homes
Jul 17 2007 // A strong earthquake struck northwestern Japan on Monday, destroying hundreds of homes, buckling seaside bridges and causing a fire at one of the world’s most powerful nuclear power plants. At least seven people were...
Group Seeks Site for Hurricane Center in Southwest La.
Jul 13 2007 // Though unsure exactly where it would be built or when, backers of a proposed National Hurricane Museum and Science Center in southwest Louisiana say they’re confident the $100 million project will become reality. The...
Texas Approves $1 Billion in Reinsurance for Windstorm Pool
Jul 13 2007 // The Texas Windstorm Insurance Association (TWIA) in early June submitted a proposal to the Texas Department of Insurance for the purchase of $1.5 billion in reinsurance under a three-tiered program. On July 11, Texas...
FBI Data Mining Targets Include Insurance Fraud Suspects
Jul 12 2007 // The FBI is gathering and sorting information about Americans to help search for potential terrorists, insurance cheats and crooked pharmacists, according to a government report. Records about identity thefts, real estate...
Former National Hurricane Center Directors Discuss Tough Position
Jul 12 2007 // A day after the director of the National Hurricane Center went on leave following questions about his leadership, former directors said Tuesday he should have listened more carefully to his staff and been slower to make...
Report Shows Mix of Decisions Resulted in Failed New Orleans Levees
Jul 12 2007 // There was no single decision made involving the New Orleans hurricane-protection levee system that shaped its failure to defend the area from flooding resulting from Hurricane Katrina, according to a comprehensive study of...
