Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Swiss Re <em>sigma</em> Study Details 2006 Natural, Man-made Disasters
Mar 9 2007 // In its just released sigma study, “Natural catastrophes and man-made disasters in 2006”, Swiss Re notes that “losses due to natural catastrophes and man-made disasters were below the long-term trend in...
Munich Re Releases 2006 Nat Cat Report; Focus on Climate Change
Mar 8 2007 // In a just released report – “Topics Geo — Natural catastrophes 2006” – Munich Re maintains that “continuing unfavorable natural climate cycle and additional effects of global warming will...
New AIG Unit Formed to Help Manage Terrorism Exposure and Risks
Mar 7 2007 // The AIG Companies announced the formation of AIG Homeland Security Solutions. The new specialty unit will provide access to insurance, risk management and security products and services to help companies work to prevent,...
Violent Weather Bypassing Texas; Drought to Linger
Mar 7 2007 // The drought-like weather conditions that have plagued much of the state for the past three years have had a positive effect in limiting the number of damaging hailstorms and tornadoes in Texas. Meteorologists say the lack...
Guy Carpenter, MMC Securities Release Cat Bond Survey
Mar 6 2007 // Guy Carpenter & Co., the global risk and reinsurance specialist of the Marsh & McLennan Companies, and its affiliate MMC Securities Corp. have published their fifth annual Cat Bond survey: “Catastrophe Bond...
Kentucky Guardsmen, Emergency Teams Practice Earthquake Drills
Mar 6 2007 // National Guardsmen and emergency management officials in 13 western Kentucky counties spent last week responding to an earthquake that hadn’t actually occurred. The exercise simulated response to a magnitude 7.5...
Hurricane Rita’s Claims Total $5.8B in Texas and Louisiana
Mar 6 2007 // The final tally for the cost of claims from Hurricane Rita in both Louisiana and Texas came to $5.8 billion. Hurricane Rita’s 120 mile per hour winds plowed into the Texas/Louisiana border on Sept. 24, 2005, one...
D.C. Chief Hampton Backs Terrorism Insurance, But Not National Cat Plan
Mar 6 2007 // Renewal of the federal Terrorism Risk Insurance Extension Act is “very, very important” for the District of Columbia, yet a federal government plan to help cover natural disasters would be unfair, in the eyes...
In Manhattan: Agents, Insurers Renew Call for Federal Terrorism Insurance
Mar 5 2007 // In the heart of the world’s financial markets, insurance agents and companies today urged Congress to protect the country’s economic stability by ensuring availability of terrorism risk insurance through a...
U.S. Needs Terrorism Insurance to Compete Globally, Says N.Y.’s Dinallo
Mar 5 2007 // A continuing federal role in terrorism insurance is important so that U.S. financial centers including New York City can continue to compete with international markets, many of which are already covered by similar...
Fla. Home Premiums Could Fall 10%-50% Under New Reinsurance Law
Mar 5 2007 // Florida homeowners could see average property insurance savings ranging from around 10 percent in the Panhandle to more than half the cost of their policy in South Florida because of a new law, state insurance officials...
March in Like a Lion in Alabama; Tornadoes Bring Death, Damage
Mar 2 2007 // A preliminary bulletin issued by Alabama Emergency Management Agency late Thursday reported that there were 17 confirmed deaths in Coffee County and one confirmed death in Wilcox County due to damage caused by tornadoes...
Regulators Urge Senate to Move Quickly on Insuring Terrorism Risks
Mar 1 2007 // Speaking on behalf of the National Association of Insurance Commissioners (NAIC), Michael McRaith, director of the Illinois Division of Insurance, testified this week before the Senate Committee on Banking, Housing, and...
Best Revises 2007 Global Reinsurance Outlook to Stable
Mar 1 2007 // Following its upbeat analysis of the personal lines market (See related article in National section), A.M. Best Co. has also given a thumbs up to the global reinsurance market. Best revised its 2007 outlook for the sector...
Caribbean Nations Establish Joint Disaster Insurance Pool
Feb 28 2007 // Caribbean countries joined by outside donors and international and regional organizations established a $47 million (euro35.7 million) insurance pool this week to soften the blow from earthquakes and hurricanes. Called the...
Industry: Federal Terrorism Insurance Still Vital to National Security
Feb 28 2007 // Insurance industry advocates urged Congress today to ensure the availability of terrorism risk insurance through a continued federal government role and to examine long-term solutions before the current backstop...
Liberty Mutual Reports Record Earnings
Feb 27 2007 // Aided by lower than expected catastrophe losses and strong underwriting, Liberty Mutual Group reported net income of $455 million and $1.626 billion for the fourth quarter and 12 months ended December 31, 2006,...
Hawaii Reviewing Hurricane Cat Models
Feb 27 2007 // Hawaii’s Insurance Division, in its guidelines on supplemental rate filing requirements for property insurance, is advising that it will be reviewing the appropriateness of catastrophe models for hurricane exposure...
Tornadoes Reported in Four States; 27 Injured in Arkansas
Feb 27 2007 // Authorities went door to door in search of an unknown number of people who remained unaccounted for after severe storms swept through southern Arkansas, shredding home and businesses and injuring at least 27...
Winds of change
Feb 26 2007 // The lack of markets and affordable windstorm coverage for both homeowners and businesses has reached crisis proportions in some states. Hopefully this legislation will spark serious policy debate in Congress on this...
