Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Former FEMA Director Witt Advocates Need for National CAT Fund
Jan 19 2006 // James Lee Witt, former FEMA director and co-chair of ProtectingAmerica.org, told the members of the Task Force on Long-Term Solutions for Florida’s Hurricane Insurance Market on Thursday that there is an urgent need...
Benfield Finds Upward Pressure on Reinsurance Renewal Premiums
Jan 18 2006 // Benfield, the U.S.-U.K.-based international reinsurance broker and risk intermediary, has issued a comprehensive 82-page report on the current climate in the reinsurance market. The study found that “last...
Swiss Re Revisits the 1906 San Francisco Earthquake and Fire
Jan 18 2006 // Swiss Re has released “A shake in insurance history — The 1906 San Francisco Earthquake,” to mark the centennial of the catastrophe. The reinsurer notes that it was “an event that altered the course...
National Hurricane Center Releases Final Report on Hurricane Wilma
Jan 18 2006 // Hurricane Wilma hit densely populated South Florida at Category 2 strength, and it was stronger than originally estimated when it struck Mexico, the National Hurricane Center said in its final report on the storm. Most...
Treasury Clarifies Farm, Liability, Umbrella Issues Under Terrorism Reinsurance Program
Jan 18 2006 // Insurers that write monoline farm policies and incidental professional liability coverage may face additional work to clarify coverage for their insureds under the federal terrorism reinsurance program. During a conference...
Colo. Authorities Identify Five Suspects in Wildfire
Jan 18 2006 // Jefferson County, Colo., authorities said they were considering charges against five teenagers suspected of starting a fire that burned about 2,700 acres and destroyed two small buildings last week. The fire prompted...
ISO Providing New Service for Insurers to Access Natural CAT Information
Jan 18 2006 // A new service from ISO’s LOCATION geographic information system is now available to help insurers better manage their exposure to natural catastrophes for more profitable underwriting decisions. Developed by AIR...
Despite Hurricanes, Fewer Insurers Failed in 2005, Reports Weiss Ratings
Jan 17 2006 // Despite mounting losses from another devastating hurricane season, property and casualty insurance company failures declined 44 percent, dropping from 16 to nine, while solid economic growth resulted in no bank closures in...
Calif. Commissioner Reminds Consumers to Update Disaster Plans on Northridge Earthquake Anniversary
Jan 17 2006 // Calif. Insurance Commissioner John Garamendi on Monday urged Californians to prepare for future emergencies, noting that the devastating Northridge earthquake, which struck twelve years ago today, left many unprepared...
Allstate Backs National Disaster Fund But Other Insurers Balk
Jan 15 2006 // The chief executive of Allstate Corp., one of the largest U.S. insurance companies, has endorsed a proposal to create a national insurance catastrophe fund as a backstop to state disaster funds. Several Florida lawmakers...
Everest Re Ups 2005 Hurricane Losses to $1.2 Billion
Jan 13 2006 // The Bermuda-based Everest Re Group, Ltd. announced that it has increased its loss estimates for Hurricanes Katrina, Rita and Wilma. Total pre-tax losses from these events, which had previously been estimated at $1.0...
Ala. County Commissioners Threatened, Reverse Vote to Buy Terrorist Insurance
Jan 12 2006 // Two weeks after voting to spend $7,000 a year for terrorism insurance, commissioners in a rural Alabama county have responded to a more immediate threat: angry voters. The Clarke County Commission has voted unanimously to...
Miss. Hurricane Victims Warned: Beware of Contractor Scams
Jan 12 2006 // Hurricane Katrina victims in Mississippi have been warned to beware of scam artists and disreputable contractors and to check contractors out closely before hiring them to do repairs, according to Robert Latham, director...
AIA: Paper on Insurance Claims Handling is Reckless
Jan 12 2006 // A paper issued Thursday by Americans for Insurance Reform (AIR) is “untrue, irresponsible and reckless,” according to the American Insurance Association (AIA). “Tens of thousands of insurance company...
Allstate Limits Homeowners’ Business in N.Y. Coastal Areas
Jan 12 2006 // Allstate, New York State’s biggest writer of homeowners insurance, is pulling back from writing new business in New York metropolitan coastal areas in order to limit its exposure to future storm losses. The insurer...
U.S. Rep. Taylor Joins Lawsuit Against Mississippi Insurer
Jan 11 2006 // U.S. Rep. Gene Taylor, D-Miss., has joined the thousands of Mississippians suing State Farm Fire & Casualty Co., challenging the insurance company’s refusal to cover property losses resulting from Hurricane...
Allstate Announces Rate Hikes Likely in Disaster Prone States
Jan 11 2006 // Allstate Corp. announced this week that customers living in areas hard-hit by hurricanes and other natural disasters, including North Carolina, are likely to see their premiums rise this year as a result of the...
Arson Alleged in Texas Wildfires
Jan 10 2006 // Texas Gov. Rick Perry has directed the Texas Department of Public Safety, the Texas Parks and Wildlife Department, the State Fire Marshal’s office of the Texas Department of Insurance and the Texas Forest Service to...
Wildfire Outbreak in Ark. Forces Evacuations, Destroys Homes
Jan 10 2006 // Arkansas had its first major wildfire outbreak of the season as at least 43 fires blazed statewide, with one 3,000-acre arson fire in Ashley County that destroyed eight structures and forced evacuations still burning as of...
N.Y. State Senator Applauded for Bill Creating State CAT Fund
Jan 10 2006 // New York State Senator Michael Balboni (R-East Williston), a member of the Senate Insurance Committee, was applauded this week by an organization of first responders, emergency management experts, building officials and...
