Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Hurricane winds could be felt in professional liability markets
May 22 2006 // The professional liability market may be significantly affected by the increase in frequency and severity of hurricanes, causing greater rating agency scrutiny and changes to evaluation models. “The three recent...
Hurricane winds could be felt in professional liability markets
May 22 2006 // The professional liability market may be significantly affected by the increase in frequency and severity of hurricanes, causing greater rating agency scrutiny and changes to evaluation models. “The three recent...
Coverage issues at core of Hurricane Katrina-related litigation
May 22 2006 // The initial decisions from Hurricane Katrina lawsuits provide some comfort to both insurers and insureds and potential warnings to insurance agents. The amount of property damage caused by Hurricane Katrina in Mississippi...
Editor’s Note: Tax reform, no catastrophe relief
May 22 2006 // The Texas Legislature concluded its recent special session by passing school finance and property tax reform—finally. After two regular sessions and four special sessions, Texas lawmakers were able to set aside their...
A tale of two New Orleans hotels
May 22 2006 // If there’s anything to be learned from last year’s hurricanes Katrina, Rita and Wilma, it’s that the value of relationships before, during and after a claim is immeasurable, according to Mel Bangs,...
Despite catastrophe losses, soft pricing continues in commercial insurance market, buyers report
May 22 2006 // Although property and general liability insurance rates increased in the first quarter of 2006, all indications point to a continuing soft commercial insurance market, according to the Risk and Insurance Management Society...
U.S. insurers withstood record catastrophe losses in 2005
May 22 2006 // Strong capitalization, sound risk management and efficient global risk sharing enabled the U.S. property/casualty insurance industry to withstand record-setting catastrophe losses in 2005, according to Frank J. Coyne,...
Allstate Dropping Windstorm Coverage in Texas Coastal Areas
May 22 2006 // In a move it says will “help protect its ability to meet future customer needs throughout Texas while maintaining a strong presence along the Texas coast,” Allstate Texas Llloyds announced it will phase out...
The Hartford Opens Chicago Office to Handle Catastrophic Claims
May 19 2006 // The Hartford Financial Services Group, Inc. recently announced that it has created a new office in the greater Chicago area dedicated solely to processing claims that arise out of catastrophic events. This new catastrophe...
Fla. AG Crist Announces Hurricane Preparedness Policy
May 19 2006 // A “Prepare, Respond and Recover, Florida!’ plan for surviving the upcoming hurricane season has been announced by Charlie Crist, Florida Attorney General and a candidate for governor. Announcing the details of...
Florida Re-certifies Hurricane Model for the Ninth Time
May 19 2006 // EQECAT Inc. of Oakland, Calif., has had its hurricane modeling software re-certified by the Florida Commission on Hurricane Loss Projection Methodology for the ninth consecutive time, according to Tom Larsen, EQECAT senior...
Typhoon Chanchu Hits China Coast
May 18 2006 // Typhoon Chanchu came ashore on the Southern coast of the Chinese mainland early this morning, May 18, local time. The powerful storm, packing winds in excess of 100 mph (168 kph), has reportedly caused 11 deaths and...
A.M. Best Details Catastrophe Stress Test Criteria
May 18 2006 // A.M. Best Co. has published an outline of the criteria it looks for when evaluating the strength of an insurance company’s catastrophe risk management. Last month, A.M. Best hosted a conference call on the recent...
Insurance Economist Predicts Profitable 2006, Sees Premium Growth Grinding to a Halt
May 18 2006 // The last 24 months have been traumatic for the insurance industry, but the profit picture for 2006 is quite good overall, according to Robert P. Hartwig, Insurance Information Institute senior vice president and chief...
Florida Certifies Hurricane Model for the Tenth Consecutive Year
May 17 2006 // The Florida Commission on Hurricane Loss Projection Methodology has certified AIR Worldwide Corp.’s 2006 Hurricane Model. This marks the tenth consecutive year that AIR has met the rigorous standards of the...
Tropical Depression: Hurricane Linked to Long-Term Mental Distress
May 17 2006 // Florida State University sociologists in Tallahassee have found that some South Floridians who survived 1992’s Hurricane Andrew suffered mental health problems many years later, a finding that has led the researchers...
La. Bill Would Extend Time to File Hurricane Insurance Lawsuits
May 17 2006 // Addressing a looming insurance deadline that could affect thousands of homeowners and businesses, the Louisiana House of Representatives passed a bill to give insurance claimants an extra year to file a lawsuit over...
Complaints Lead to Probe of La. Insurers’ Hurricane Claims Handling
May 17 2006 // Lousiana Commissioner of Insurance Jim Donelon announced the Department of Insurance is set to begin market conduct examinations on two insurers, Allstate and St. Paul/Travelers. Donelon said he ordered the exams in...
China’s P&C Insurer Licenses AIR’s Quake Cat Models
May 17 2006 // Boston-based AIR Worldwide Corporation announced that China’s PICC Property and Casualty Company Limited has licensed CLASIC/2™ and CATRADER®, AIR’s catastrophe risk management systems, to manage the...
Fla. Hurricane Commission Reviews, Re-Certifies Residential Model
May 17 2006 // The Florida Commission on Hurricane Loss Projection Methodology has re-certified the Risk Management Solutions Hurricane model for use in establishing residential insurance rates in Florida. This year’s review...
