Latest Catastrophe Headlines

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...

Zurich Financial Reports Record Year Despite Hurricanes; Net Profit Up 30%

Feb 17 2006 // Swiss insurance giant Zurich Financial Services posted a 30 percent increase in its 2005 net profits to $3.2 billion, despite heavy charges for last year’s record hurricane season. The full-year profit figure...

Terrorism Insurance: Pricing Steady, But Long Term Solution Needed, Says Expert

Feb 16 2006 // Pricing to cover terrorism risks is unlikely to change in the short term following renewal of the federal reinsurance program, however that could change quickly if there is another terrorist event, according to a n...

Best Maintains Stable Outlook on Personal Lines Market Segment

Feb 16 2006 // A.M. Best Co. maintains a stable outlook for the personal lines segment in 2006 based on its favorable risk-adjusted capitalization and consistently strong operating profitability. Despite the impact from an unprecedented...

CNA Sees Q4 Net Loss of $217M

Feb 16 2006 // CNA Financial Corporation reported fourth quarter of 2005 results, which included the following items: * Net loss for the fourth quarter of 2005 of $217 million as compared with net income of $303 million for the same...

Transatlantic 2005 Net Income Drops 85% to $37.9 Million; Q4 Off 86.3%

Feb 16 2006 // Transatlantic Holdings, Inc.(TRH) reported that its net income for the year ended December 31, 2005 amounted to $37.9 million, or $0.57 per common share (diluted), compared to $254.6 million, or $3.85 per common share...

Windstorm Panelists: Carriers Hesitant to Write Fla. Policies

Feb 15 2006 // A panel of eight insurance experts agreed unanimously that carriers are closely scrutinizing Florida and are hesitant to renew homeowners policies during a panel moderated by Bill Bailey, director of the Hurricane...

GAO: FEMA’s Weaknesses Exposed Government in Hurricane Responses

Feb 15 2006 // As a result of widespread congressional and public interest in the federal response to hurricanes Katrina and Rita, the Government Accountability Office (GAO) conducted an audit of the Individuals and Households Program...