Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Floridians Upset Over Citizens Increases
May 22 2006 // Marci L. Rose’s home and rental properties escaped serious damage when hurricanes battered the state in 2004 and 2005, but she might lose them anyway. Like thousands of Floridians, the Key West real estate attorney...
S&P Rates Mexican Quake Cat Bond Managed by Swiss Re ‘BB+’
May 22 2006 // Standard & Poor’s Ratings Services announced that it has assigned its “BB+” credit ratings to the $160 million class A and B principal-at-risk notes issued by CAT-Mex Ltd. “The transaction,...
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,...
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...
Coverage issues at core of Hurricane Katrina-related litigation
May 22 2006 // The amount of property damage caused by Hurricane Katrina in Mississippi and Louisiana has been extensively reported, as has the fact that many people in those states did not have flood insurance coverage. As a result,...
Fla. legislative package targets Citizens deficits, mitigation; establishes oversight policies
May 22 2006 // The hurricane insurance package passed by the Florida Legislature just before adjournment May 5 is the most significant property insurance bill since major legislation following Hurricane Andrew in the early 1990’s,...
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...
