Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Allied World Posts $23.9 Million Q4 Net Loss; $159.8 Million Full Year
Mar 3 2006 // Bermuda-based Allied World Assurance Holdings, Ltd. has reported a net loss of $23.9 million for the fourth quarter 2005, compared to net income of $103 million for the fourth quarter 2004. The net loss for the twelve...
Quanta Reports Increased Q4 Loss; Best Lowers Ratings
Mar 3 2006 // Quanta Capital Holdings Ltd. has reported preliminary financial results for the fourth quarter and full-year ended Dec. 31, 2005, “subject,” the company said, “to completion of review by its...
Texas Windstorm Underwriting Workshops Planned for May/June
Mar 2 2006 // The Texas Windstorm Insurance Association announced it will hold “underwriting basics workshops” in various locations throughout the state. TWIA noted that these workshops will help new agents/agency personnel...
Study Says Californians Unmotivated to Prepare for Next Disaster
Mar 2 2006 // Californians believe that their state is prone to disasters, but see little motivation to prepare for nature’s crushing blows, a new poll has found. The poll, sponsored by the Insurance Information Network of...
RMS CEO Discusses Cat Models at Bermuda Conference
Mar 1 2006 // Speaking at the World Insurance Forum in Bermuda, Hemant Shah, Risk Management Solutions CEO, warned that insurers should be preparing to increase their reserves for catastrophe losses, not only due to the unprecedented...
NAMIC Focuses Federal Affairs Agenda on Regulatory and Asbestos Reform
Mar 1 2006 // The National Association of Mutual Insurance Companies (NAMIC) – which has more than 1,400 member companies that underwrite 43 percent ($196 billion) of the property/casualty insurance premium in the United States...
Swiss Re <em>sigma</em> Report Notes $83B Insured 2005 Cat Losses
Feb 28 2006 // Swiss Re’s latest sigma report examines the natural catastrophes and man-made disasters of 2005. Among other findings it notes that “more than 97 000 people lost their lives” as a result of one of the...
N.Y. Homeowners Insurance Market: Strong or Weak?
Feb 28 2006 // New York’s homeowners insurance market is either strong, stable or fragile depending upon whether the speaker is an agent or an insurer. Also, Allstate Insurance Co.’s decision to limit its business in eight...
Guy Carpenter and MMC Securities Unveil Review of CAT Bond Market
Feb 27 2006 // Guy Carpenter & Company Inc. and MMC Securities Corp., an affiliate of Guy Carpenter, reported the publication of The Catastrophe Bond Market at Year-End 2005: Ripple Effects from Record Storms, their fourth annual...
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...
