Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
On shaky ground?
Apr 9 2007 // Two decades since its formation, the West’s only regional catastrophe pool, the California Earthquake Authority, faces financial and management changes that could have significant implications for its future. Those...
Are state-backed insurance schemes the wave of the future?
Apr 9 2007 // The government’s role in insurance markets is a matter of increasing importance and controversy. Historically, state insurance departments have regulated insurers and insurance markets, overseeing solvency, rate and...
Declarations
Apr 9 2007 // Catastrophic coverage “A decrease in the already low penetration rate would reduce the number of Californians able to afford to rebuild after a devastating earthquake.” — The California Department of...
European Insurance Forum puts Ireland in the spotlight
Apr 9 2007 // Eighteen years ago an Irish insurance conference would have consisted of a broker and an underwriter from Dublin having a pint of Guinness in a pub (most likely in London). Times have changed. Since the founding of the...
News Currents
Apr 9 2007 // Insurers advise Congress private markets should handle most disasters But mega-cats need a public-private partnership, first responders and industry agree The best way for the federal government to help property owners...
Underwritiers weigh design, construction of offshore oil platforms
Apr 9 2007 // Not all offshore platforms are created equal, which is why one platform will survive a storm unscathed while another nearby is completely obliterated. In order to appropriately underwrite offshore platform risk,...
Large Property Insurance Market Remains Unsettled, Wholesaler Reports
Apr 6 2007 // Even a year of profitability has not settled the large property insurance market for buyers, especially for catastrophic coverage near coastlines and in earthquake zones, finds a new research report from New Jersey...
New Mexico Insured Tornado Losses Estimated at $16.5 Million
Apr 6 2007 // Tornado and hail that tore across New Mexico in March has an estimated insurance price tage of $16.5 million, according to the Rocky Mountain Insurance Information Association. The association said insurance adjusters have...
Claremont, Calif.’s $17.5 Million Deal with Homeowners in Wildfire Suit
Apr 5 2007 // Palmer Canyon, Calif., residents who blamed the city for homes burned in the 2003 Grand Prix wildfire have settled their lawsuit for $17.5 million, city officials announced. Homeowners claimed the city failed to properly...
Not All Gulf Coast Residents Put Stock in Latest Hurricane Forecast
Apr 5 2007 // A hurricane forecaster this week predicted a turbulent season this year, including a good chance one will hit the coast, but forgive South Carolina’s Huiet Paul if he was unimpressed. “Only the good Lord knows...
Industry Reports Progress on Terrorism Risk Modeling But Challenges Remain
Apr 5 2007 // Sophisticated catastrophe models are greatly aiding commercial insurance actuaries in establishing underwriting and pricing guidelines for terrorist attacks, according to industry experts at this week’s Casualty...
Forecasters Warn of Very Active Hurricane Season Ahead in 2007
Apr 3 2007 // Atmospheric science experts at Colorado State University have increased their forecast for the 2007 hurricane season, largely due to the rapid dissipation of El Niño conditions. The Colorado team is now calling for a very...
Tsunami Strikes Solomon Islands; 12 Reported Dead
Apr 2 2007 // Early this morning, local time) a strong undersea earthquake – estimated at 8.0 – caused a tsunami with waves up to three meters (app. 10 feet) in height. They came ashore shortly after the quake on the island...
Aon Re Global Study Finds Reinsurance Rates ‘Flat to Lower’
Apr 2 2007 // Aon Re Global’s analysis of reinsurance rates found premiums for “personal lines, standard commercial lines and complex commercial lines,” are “likely to be flat to lower during mid-year renewals of...
RMS Defends ‘Near Term’ Hurricane Model, Denies Collusion
Mar 30 2007 // In the wake of a flurry of critical comments made by consumer activist groups aimed at the methodology Risk Management Solutions employed to establish “near term” hurricane models, RMS’s public policy...
Tornadoes Kill 2 people in Oklahoma, 1 in Colo.
Mar 30 2007 // An early spring storm swept across the central U.S. early on March 29, spinning off tornadoes that killed an Oklahoma couple in a home that was blown to pieces and a Colorado woman whose small town was nearly destroyed. A...
Firm Releases Study of Possible La. ‘Catastrophe Fund’
Mar 30 2007 // A private firm has released its study of how Louisiana would operate a “catastrophe fund,” one of several ideas lawmakers are considering to help ease the state’s property insurance crisis. The study...
Fla. Considers Storm Supply Tax Break, New Claims Law Glitch
Mar 30 2007 // Flashlights, radios, tarps and other hurricane supplies would be tax free for 12 days at the beginning of hurricane season, under a measure the Florida House has under consideration. Floridians received a similar tax break...
‘Near Term’ Hurricane Models Used by Insurers Under Fire
Mar 29 2007 // Recent “near term” hurricane prediction models based on five-year forecasts are being skewered by consumer groups urging state regulators to reject them as a basis for hiking coastal property insurance...
Officials Laud New Japanese Quake Alert System
Mar 29 2007 // Authorities hailed Japan’s new earthquake alert system as a success this week after it allowed officials to issue a tsunami warning just one minute after a magnitude 6.9 quake jolted the country’s coast a day...
