Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Marine market responds to stressed catastrophic property coverage
Aug 7 2006 // The marine market, although not immune to severe weather and other catastrophic occurrences, has not suffered to the extent of the mainline commercial property sector. As such, industry players have sought to fill gaps in...
Wagging the dog
Aug 7 2006 // Until recently the reinsurance world was a galaxy far, far away. That changed after the 2000 stock market crash, the Sept. 11 attacks and, more recently, the hurricanes that struck Florida, New Orleans, Texas and other...
Insuring energy risks for profit isn’t getting any easier
Aug 7 2006 // Underwriting energy risks is not for the faint-hearted, even during the best of times. The nature of these risks (with high concentration of values, highly flammable substances, harsh operating conditions, often in hostile...
Congressional hearing held on terrorism and insurance
Aug 7 2006 // News Currents Two U.S. House subcommittees-the Committee on Financial Services, Subcommittee on Oversights and Investigation, and the Homeland Security Subcommittee on Intelligence, Information Sharing, and Terrorism Risk...
Is the U.S. prepared for a cyber catastrophe? Business executives say, ‘no’
Aug 7 2006 // News Currents Testifying before a Senate Homeland Security and Government Affairs Subcommittee, Karl Brondell of State Farm Insurance Companies warned that the U.S. is not adequately prepared for a cyber catastrophe. The...
Okla. Governor Issues Statewide Burn Ban
Aug 4 2006 // Citing a new wave of wildfires, Oklahoma Gov. Brad Henry ordered a statewide burn ban Aug. 2 and warned that Oklahoma’s hot, windy and dry conditions show no sign of ending. “There appears to be no relief in...
Post-Hurricane Population Count Under Way in New Orleans
Aug 3 2006 // A door-to-door population count is being conducted in parishes hit the hardest by Hurricane Katrina to get a handle on how many people remain in the area. The survey covers Jefferson, Plaquemines, St. Bernard and Orleans...
Pinnacle Entertainment Files Lawsuit Against Three Insurers
Aug 3 2006 // Pinnacle Entertainment Inc. announced that, on August 1, 2006, it filed suit in the U.S. District Court for the District of Nevada against three of its excess insurance carriers. The suit relates to the loss incurred by...
RenRe Posts Q2 Results, 32% Increase in Cat Premiums
Aug 2 2006 // Renaissance Re, Bermuda’s leading property catastrophe reinsurer, posted net income of $130.4 million, or $1.81 per common share, for the second quarter of 2006, compared to net income of $172 million or $2.39 per...
Oregon Offers Insurance Wildfire Summit Workshops
Aug 1 2006 // The Oregon Department of Forestry and Oregon Office of State Fire Marshall, in partnership with Allstate and State Farm, is hosting Insurance Wildfire Summit workshops. Sessions will be held from 8:15 a.m. to 3:15 p.m. on...
Hannover Re $150 Million Cat Bond Covers European Windstorm Risks
Aug 1 2006 // Germany’s Hannover Re announced that Eurus Ltd., a special purpose vehicle, has issued a CAT bond with a volume of $150 million, giving the reinsurer windstorm protection with immediate effect for a term of...
Fla. Gov. Bush Eyes State Pool for Commercial Lines
Jul 30 2006 // Florida Gov. Jeb Bush is considering a state-run reinsurance pool or joint underwriting pool to help businesses that can’t get policies from private insurers, saying that if companies can’t get coverage, it...
Indonesia Taking Steps to Reduce Tsunami Casualties
Jul 30 2006 // Indonesia plans to build elevated safety zones in low-lying coastal areas to help reduce casualties in the event of another tsunami, a government official said. Concrete walls or artificial hills will be created in resort...
La. Wants Hurricane Law Suit Extension Issue Settled in State Court
Jul 28 2006 // Louisiana plans to fight attempts by Allstate Corp. to have a federal court determine if new laws giving homeowners two years to file lawsuits against their insurers is legal. Allstate filed a suit July 20 asking U.S....
Is U.S. Prepared for a Cyber Catastrophe? Businesses Say, ‘No’
Jul 28 2006 // Testifying before a Senate Homeland Security and Government Affairs Subcommittee, Karl Brondell of State Farm Insurance Companies warned that the U.S. is not adequately prepared for a cyber catastrophe. The insurance...
Hazard Mitigation Grant Money Bolstering Fla. Improvement Projects
Jul 27 2006 // Manatee County, Fla. is installing state-of-the-art hurricane shutters on facilities responsible for treating and testing the county’s water supply; while Leesburg, Fla. in Lake County, is placing windproof hurricane...
Southeast Asian Nations Urge Disaster Warning Systems
Jul 26 2006 // Southeast Asian foreign ministers this week issued an urgent call to set up disaster alert systems in the region, shaken by Indonesia’s failure to give advance warning of a tsunami last week that killed at least 600...
Chubb Chugs Along in 2d Quarter; Raises Outlook for 2006
Jul 26 2006 // The Chubb Corporation reported that net income in the second quarter of 2006 was $598 million, or $1.41 per share, compared to $495 million, or $1.23 per share, in the second quarter of 2005. Operating income, which the...
Allstate Says it Can Drop Basic Hurricane Coverage in La.
Jul 26 2006 // Allstate Insurance Co. officials say Louisiana state law allows the company to drop basic hurricane coverage for 30,000 policyholders in 18 coastal parishes – a stand that state Insurance Commission Jim Donelon is...
Congressional Hearing Meets on ‘Terrorism and the Insurance Market’
Jul 25 2006 // Two U.S. House subcommittees — the Committee on Financial Services, Subcommittee on Oversights and Investigation, and the Homeland Security Subcommittee on Intelligence, Information Sharing, and Terrorism Risk...
