Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Calif. hospitals may not meet earthquake safety standards
Jan 28 2007 // Nearly half of California hospital buildings in danger of collapsing during a major earthquake will not meet a state deadline for safety improvements, according to a new study. Standards passed after the deadly 1994...
Building Codes Worked During Hurricane Rita, Study Shows
Jan 26 2007 // A study of 9,835 reported claims on residential dwellings damaged in Hurricane Rita conducted by the Texas Windstorm Insurance Association (TWIA) shows that building codes work, the association announced. TWIA is the...
La. Gov. Criticizes Bush for No Mention of Hurricane Recovery in Speech
Jan 25 2007 // Louisiana Gov. Kathleen Blanco angrily criticized President George W. Bush on Jan. 24 for leaving out of his State of the Union speech any mention of the hurricanes that devastated Louisiana in 2005 and complained that her...
Survey: Commercial Prices Continue Declining in Non-Catastrophe Areas
Jan 24 2007 // Commercial insurance premiums continued their decline in all but catastrophe-exposed areas during the fourth quarter of 2006, with insurers willing to lower prices and place fewer restrictions on coverage to get new...
Swiss Re Backs Independent European Agency to Assess Nat Cat Risks
Jan 23 2007 // Swiss Re has issued a “focused report,” which assess the growth of the catastrophe bond market and calls for the establishment of an independent agency to “aggregate European claims data and provide the...
Fla. Lawmakers Agree on Insurance Relief Plan; Bill Sent to Gov. Crist
Jan 23 2007 // Florida homeowners could see property insurance rates cut by as much as 40 percent under a plan finalized by lawmakers hoping to reverse hurricane-fueled increases many residents say have threatened to price them out of...
Earthquake Rattles Indonesia, But No Major Destruction
Jan 23 2007 // A 7.3-magnitude earthquake rattled buildings in northeastern Indonesia Sunday, causing panicked residents to flee homes, churches and shopping malls in fear of a tsunami that never came, officials and witnesses said. A...
Study: Many California Hospitals Will Not Meet Deadline for Earthquake Safety Measures
Jan 22 2007 // Nearly half of California hospital buildings in danger of collapsing during a major earthquake will not meet a state deadline for safety improvements, according to a new study. Tough standards passed after the deadly 1994...
Biggest U.S. Property Cat Losses in 2006 Were Away From Coasts
Jan 19 2007 // Property casualty insurers increasingly steered clear of the water out of fear of catastrophe losses during the past year. But while they were keeping a wary eye on the coasts in 2006, and escaped relatively unscathed in...
AAIS Files Terrorism Loss Costs in Commercial Properties
Jan 19 2007 // The American Association of Insurance Services (AAIS) is introducing loss costs for pricing terrorism coverage in its Commercial Properties Program. A countrywide manual supplement filing, now underway, will substitute the...
Report: U.S. Rails with Hazardous Materials Vulnerable to Terrorists
Jan 18 2007 // Train lines that carry hazardous shipments have little or no police presence and shoddy security that makes them easy targets for terrorists, according to a newspaper investigation. During a several-month, nationwide...
Ind. Leads Country with Highest Catastrophe Losses in 2006
Jan 18 2007 // In a year where coastal states endured no major tropical storms, Indiana saw more property damage due to large weather events than any other state (in 2006), according to statistical firm the Insurance Services Office...
La. Resident Pleads Guilty to Hurricane-Related Federal Fraud Charge
Jan 18 2007 // A Louisiana resident pleaded guilty in the U.S. District Court for the Middle District of Louisiana on a charge of fraud related to hurricane disaster relief programs, U.S. Attorney David R. Dugas of the Middle District of...
Fla. Session Day 1: Expanding State’s Hurricane Cat Fund Tops the Agenda
Jan 17 2007 // When Florida House Speaker Marco Rubio and State Senate President Ken Pruitt slammed their gavels in opposite sides of the Florida Capitol Tuesday signaling commencement of a special legislative session, the hopes and...
Burns & Wilcox To Offer Commercial Earthquake Coverage
Jan 16 2007 // Burns & Wilcox, a Farmington Hills, Mich.-based national specialty insurance wholesaler, underwriter and managing general agent, is offering of a new commercial “all risks” property program that includes...
La. Recovery Panel to Study Storm Catastrophe Fund
Jan 15 2007 // The state’s top hurricane recovery panel will study whether Louisiana should consider creating a catastrophe fund that would provide financial backup for insurers because of hurricane risks. The key area for review...
Marsh Facility Delivers Property Cat ‘Sidecar’ Directly to Corporations
Jan 12 2007 // Marsh Inc. has launched of MaRI (Marsh Risk Innovations), an insurance facility designed to provide additional capacity to the depleted property catastrophe insurance market this year. According to Marsh, this new facility...
P/C Execs Expect Terrorism Insurance Renewal, Win in Katrina Suits
Jan 11 2007 // Leaders of the property/casualty insurance industry expect Congress to extend the Terrorism Risk and Insurance Act in 2007, according to a survey conducted by the Insurance Information Institute (I.I.I.) at its 11th annual...
Earthquake Rattles Two Southeastern Oklahoma Towns
Jan 11 2007 // Oklahoma’s first earthquake of 2007 rattles two small southeastern towns, authorities said. No damage or injuries were reported when the 2.5 temblor hit the western Coal County communities of Tupelo and Clarita about...
Citation Re Offers Stand-Alone Terrorism Coverage
Jan 9 2007 // Citation Re, a New York- based reinsurance company, is making available terrorism coverage for suburban risks. This stand-alone terrorism coverage has limits up to $65 million. Citation Re also announced the promotion of...
