Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Allstate units agree to coverage checks sought after Ariz. wildfire
Jan 22 2006 // Two Allstate Insurance units have agreed to implement new procedures to re-evaluate coverage needs of homeowners-steps sought by Arizona regulators in the wake of consumer complaints after a devastating 2003 wildfire on...
News Currents
Jan 22 2006 // Regulatory modernization tops industry’s legislative agenda for 2006 With the extension of the Terrorism Risk Insurance Act, passage of federal class action and crop insurance reform, enactment of asbestos reform in...
Reinsurance Outlook
Jan 22 2006 // Although Katrina is long gone, the clouds of misfortune she and her sisters generated will linger for decades. They radiate well beyond Louisiana, Florida, Texas, Mississippi, Alabama and other regions into the heart of...
Fla. Residents Urged to Purchase Flood Insurance for 2006 Hurricane Season
Jan 20 2006 // As Floridians continue to recover from the storms of 2004 and 2005, and the 2006 season fast approaches, it is vital that all property owners living and doing business in areas designated as flood zones by the National...
LIRC Approves Post-Katrina Rate Hikes
Jan 20 2006 // The first post-Katrina increase in homeowners insurance rates has been approved by the Louisiana Insurance Rating Commission, beginning what is expected to be a line of rate increase requests this year. The commission...
AIR Worldwide Opens Munich Office
Jan 20 2006 // AIR Worldwide Corp. announced the opening of AIR Worldwide GmbH in Munich, Germany, “to meet the needs of its expanding client base in the region.” Yoern Tatge will head the new office. AIR noted: “Europe...
Entergy Reports $1.5 Billion in Hurricane Damage
Jan 20 2006 // Utility holding company Entergy Corp. reported that its damages from hurricanes Katrina and Rita totaled $1.5 billion and predicted its fourth-quarter earnings will drop from a year ago. Entergy said it expected earnings...
11 Defendants Indicted on Domestic Terrorism Charges; Blamed for Arsons
Jan 20 2006 // Eleven defendants have been indicted on charges including arson and destruction of an energy facility for allegedly participating in a campaign of domestic terrorism in five western states on behalf of the extremist Earth...
Mercury General Revises Loss Estimates from Hurricane Wilma
Jan 19 2006 // Mercury General Corp. has revised its estimate of losses caused by Hurricane Wilma. On Oct. 24, 2005, Hurricane Wilma made landfall as a Category 3 storm on the southern gulf coast of Florida. The storm crossed the Florida...
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...
