Latest Catastrophe Headlines

Catastrophes and Receivership Model Act Top NAIC’s Orlando Meeting Issues

Feb 27 2006 // The latest proposal of the National Association of Insurance Commissioners Catastrophe Insurance Working Group will garner much attention as will the effort to draft the Insurers Receivership Model Act at the March 4 to 7...

Hurricanes Drive 39% Decline in Net Income for Giant State Farm

Feb 26 2006 // Hurricane losses and loss adjustment expenses totaling $6.3 billion (after reinsurance) contributed to a reduction in State Farm’s 2005 net income. The company is reporting an after-tax net income from all sources of...

IBHS Calls for Incentives to Improve Calif. Earthquake Protection

Feb 24 2006 // There are clear opportunities for California to promote incentives to make homes and businesses safer from earthquakes, according to the Institute for Business & Home Safety (IBHS). At the Feb. 23 meeting of the...

NCOIL Resolution Supports State Regulation of Insurance

Feb 24 2006 // The preservation of state regulation of insurance and a multi-pronged approach to disaster management was outlined by the National Conference of Insurance Legislators and approved as amended on Friday by the Property and...

PXRE Posts $446.5 Million Q4 Loss

Feb 23 2006 // The Bermuda-based PXRE Group Ltd. reported a net loss before convertible preferred share dividends of $446.5 million for the quarter ended December 31, 2005 compared to net income before convertible preferred share...

GE Insurance Solutions: Are Insurers Prepared for the Perfect Storm?

Feb 23 2006 // While increased frequency of hurricanes is nothing new in historical terms, the enormous growth in coastal population and development is dramatically increasing the potential for insured losses, according to a new paper...

Hurricane Experts: Prepare Now With Backup Systems, Make Sure They Work

Feb 23 2006 // Emergency officials and hurricane experts pointed out essential steps agencies should take to prepare for the hurricane season which begins in 90 days: Have a backup system up and running, and perform regular checks to...

White House Says It Learned Lessons from Hurricane Katrina

Feb 23 2006 // The Bush Administration on Thursday released its review of The Federal Response to Hurricane Katrina. In the 228-page report, the Bush Administration notes that there were major flaws in the response on the...

Lloyd’s Underwriter Survey; ‘Cycle’ Remains Primary Concern

Feb 22 2006 // According to Lloyd’s newly released annual underwriter survey, “managing the insurance cycle as the most important challenge facing the global industry for the second year running.” The survey also found...

Best: Katrina Temporarily Halts Softening Reinsurance Markets

Feb 21 2006 // A.M. Best Co. has taken note of the apparent strengthening of the U.S. reinsurance market following the January renewal period. In a recent comment, the rating agency noted that the “renewals experienced by a number...

Citizens Claims Dramatic Customer Service Improvements

Feb 21 2006 // More than 90 percent of all claims related to Hurricane Wilma have been closed according to Bob Ricker, Citizens Property Insurance Corp. executive director. He also reported that more than 91 percent of all hurricane...

State Auto Financial Reports 2005 Net Income Up 14%

Feb 21 2006 // Columbus, Ohio-based State Auto Financial Corporation reported that revenue for the year 2005 was $1.14 billion, up from $1.09 billion for the same 2004 period. For the year 2005, State Auto achieved record net income of...

Legislators to Examine National Mega-Cat Plan at Spring Meeting

Feb 21 2006 // At the National Conference of Insurance Legislators (NCOIL) Spring Meeting in Florida, Feb. 23 – 26 , state lawmakers from across the country will examine a draft mega-catastrophe program and, among other things,...

N.Y. Senator Schumer criticizes Allstate’s metro-area retreat

Feb 20 2006 // New York State’s largest provider of homeowners insurance should reconsider its decision to stop writing new policies in the metropolitan area over concerns about hurricane damage, according to Sen. Charles...

What does a ‘Valued Policy’ cover in Louisiana and Mississippi?

Feb 20 2006 // As is obvious from a perusal of newspaper articles and legal journals, the devastating damage throughout the entire Gulf Coast Region from the recent hurricane season has raised numerous legal issues regarding insurance...

Experts predict devastating Arizona wildfire season ahead

Feb 20 2006 // Dry conditions this year and heavy moisture last year could combine to make Arizona’s imminent wildfire season the most devastating yet, experts told Arizona Gov. Janet Napolitano at a roundtable discussion. Wildland...

News Currents

Feb 19 2006 // As part of his proposal, Gallagher is asking the Legislature to earmark the increase in sales tax revenue collected during hurricane recovery to help offset assessments against homeowners. Florida CFO renews call for...

Feb 19 2006 // Catastrophe funding big on the radar screen for 2006 Some 60 to 70 percent of the estimated $4.7 billion in insured losses caused by Hurricane Rita in September 2005 occurred in Texas. The state experienced 188,000 claims,...

What does a ‘Valued Policy’ cover in Louisiana and Mississippi?

Feb 19 2006 // In general, “Valued Policy” statutes require an insurer to ascertain the value of the property being insured at the time a policy is written and to pay that value to the insured when there is a total loss. As...

Experts predict devastating Arizona wildfire season ahead

Feb 19 2006 // Dry conditions this year and heavy moisture last year could combine to make Arizona’s imminent wildfire season the most devastating yet, experts told Arizona Gov. Janet Napolitano at a roundtable discussion. Wildland...