Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
RMS, Weatherflow Launch Parametric Capital Market Index
Apr 26 2007 // Risk Management Solutions (RMS) has teamed up with WeatherFlow Inc., a provider of private weather data, to launch the “WindX(tm) parametric index” (www.windxnetwork.com).” The two companies timed the...
La. Hurricane Safe Rooms Fitted with Pump Automation Systems
Apr 26 2007 // Engineers in Jefferson Parish, La., said recent tests show flood pumps can be turned on automatically by workers holed up in nearby safe rooms during major hurricanes. When a major hurricane threatens the parish, pump...
Real Estate Firms Call for Renewal of Federal Terror Reinsurance
Apr 25 2007 // If the federal government’s terrorism insurance program were allowed to expire, private market terrorism insurance coverage would become largely unavailable and unaffordable, and the gears of commercial real estate...
P/C Insurers to Pay $1.2 Billion in 1st Quarter Home, Business Catastrophe Claims
Apr 25 2007 // Severe tornadoes in several southern states helped push catastrophe losses to more than $1.2 billion during the first quarter of 2007, according to the industry’s Property Claim Services (PCS), a unit of Insurance...
Chubb: 1st Quarter Profit Up 6%
Apr 24 2007 // The Chubb Corp. reported that net income in the first quarter of 2007 was $710 million or $1.71 per share, compared to $672 million or $1.58 per share in the first quarter of 2006. Operating income, which the company...
Bush administration rejects pleas for federal disaster plan
Apr 23 2007 // Warning of another looming hurricane season, lawmakers including Florida Gov. Charlie Crist pleaded this month in Washington for a national catastrophe fund to help stabilize an insurance industry that some say has gone...
Congressional hearings examine the need for national disaster solution
Apr 23 2007 // Some say private market insurance is sufficient, while others claim federal help is needed to solve a ‘national problem’ Two U.S. Senate committees — the Committee on Banking, Housing and Urban Affairs,...
News Currents
Apr 23 2007 // Insurers fight impression their big profits are at claimants’ expense The headline numbers were eye-popping: Allstate reported a record $5 billion profit for 2006. State Farm Insurance’s profit climbed 65...
Coastal population growth contributing to high cost of property coverage
Apr 23 2007 // The U.S. population in hurricane-prone coastal states continues to rise, a trend that is likely to impact adversely the nation’s coastal property insurance market for years to come, according to Dr. Robert Hartwig,...
McCarran-Ferguson emerges as No. 1 threat to independent agents
Apr 23 2007 // As 1,200 independent agents and brokers from around the country descend on Washington, D.C., this month for the Big “I” Legislative Conference & Convention, they will be greeted with a new legislative...
Coastline populations increasing insurance prices
Apr 23 2007 // The U.S. population residing in hurricane-prone states continues to rise, a trend which is likely to impact adversely the nation’s coastal property insurance market for years to come, according to testimony by Dr....
McCarran-Ferguson emerges as No. 1 threat to independent agents
Apr 23 2007 // As 1,200 independent agents and brokers from around the country descend on Washington, D.C., this month for the Big “I” Legislative Conference & Convention, they will be greeted with a new legislative...
Bush administration rejects pleas for federal disaster plan
Apr 23 2007 // Warning of another looming hurricane season, lawmakers including Florida Gov. Charlie Crist pleaded this month in Washington for a national catastrophe fund to help stabilize an insurance industry that some say has gone...
News Currents
Apr 23 2007 // Congressional hearings examine the need for national disaster solution Two U.S. Senate committees — the Committee on Banking, Housing and Urban Affairs, and the Committee on Commerce, Science and Transportation...
S&P Lowers Ratings on IPCRe Entities
Apr 20 2007 // Standard & Poor’s Ratings Services has lowered its counterparty credit and financial strength ratings on nonlife reinsurers IPCRe Ltd. and IPCRe Europe Ltd. (collectively referred to as IPCRe) to...
Fireman’s Fund Expands Wildfire Protection Services in Calif.
Apr 19 2007 // Novato, Calif.-based Fireman’s Fund Insurance Co. has expanded its territory and offerings with FireProtec, a vegetation cutting crew staffed by off-duty firefighters. Through the alliance, Fireman’s Fund said...
U.S. Approves Funds for Florida Tornado Victims
Apr 18 2007 // Federal officials have approved more than $17.7 million in payouts in connection with tornadoes that hit Florida last winter. The Federal Emergency Management Agency said it also approved an additional $20.6 million in...
Report Details P/C Insurers’ 2006 Proftability, Escape from Storms
Apr 18 2007 // Another report on the insurance industry confirms and details what has been widely acknowledged: a sharp decline in catastrophes in 2006 contributed to improved underwriting results for the year. The U.S. property/casualty...
Tornado Losses in N.J., Conn., Ohio Could Top Those of Great Plains States
Apr 18 2007 // Most people associate tornado activity with the “Tornado Alley” of the Great Plains states. While this is true in terms of the sheer numbers of tornadoes and losses, surprisingly, catastrophe modeling shows...
Alabama Officials Prepare for Hurricane Season
Apr 17 2007 // Alabama Governor Bob Riley and state agency leaders huddled this week to review Alabama’s plans for the upcoming hurricane season, which begins June 1. The state leaders joined officials from FEMA, the U.S....
