Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
White Paper Analyzes Loss Retention Under Terrorism Extension Act
Dec 29 2005 // AIR Worldwide Corporation conducted an analysis of the potential impact on insurers of the Terrorism Risk Insurance Extension Act of 2005. The Act was signed into law last week and extends the Terrorism Risk Insurance Act...
Munich Re to Raise Dividend by 55% Despite Increases in 2005 Cat Losses
Dec 29 2005 // In a year that will go down as the costliest ever for the insurance industry, it seems paradoxical that Munich Re, the world’s largest reinsurer – at least until Swiss Re completes its takeover of GE Insurance...
Insurers Can Use ISO Terrorism Forms Under TRIA Extension
Dec 29 2005 // Insurers can continue to use Insurance Services Office’s portfolio of terrorism insurance endorsements and related rules without any revisions under the Terrorism Risk Insurance Extension Act of 2005, signed into law...
Wildfires Rage in Texas and Oklahoma; At Least 4 People Killed in Blazes
Dec 29 2005 // At least three people in Texas and one in Oklahoma have died as the result of wildfires that have plagued the two rain-starved states in recent days. The Dallas Morning News reported that a body of a man was found in...
2005, a Year to Remember: Busiest Hurricane Season of the Century for United States
Dec 29 2005 // The hurricane season made 2005 a year-to-remember, with the southeast encountering the busiest hurricane season of the century, with 26 named storms and 13 hurricanes, meteorologists used up the list of 21 proper names and...
Florida Insurance Council EVP Predicts Hurricane Insurance Will Be of ‘Utmost Concern’ in 2006
Dec 28 2005 // Hurricane insurance will be the most significant property and casualty issue on a state level in 2006, just as it was in 2005, Sam Miller, executive vice president of the Florida Insurance Council told Insurance...
Munich Re Reports on Tsunami Loss Inspection Results
Dec 28 2005 // Munich Re has released the results of a “loss inspection” conducted on the West Coast of Thailand to assess the consequences of the devastating tsunami, which struck the area one year ago. Experts from the...
Insurers’ Income, Surplus Rise Despite Record Catastrophe Losses
Dec 28 2005 // The U.S. property/casualty insurance industry’s net income after taxes rose 4.4 percent, or $1.2 billion, to $28.8 billion in nine-months 2005 from $27.6 billion in nine-months 2004. Reflecting the industry’s...
La., Miss. Relief Agencies to Share $125K in Aid from Council Foundation
Dec 28 2005 // The Foundation for Agency Management Excellence (FAME), an insurance industry educational foundation of The Council of Insurance Agents & Brokers, has identified the three relief agencies in Louisiana and Mississippi...
La. Commissioner Unveils Hurricane Mediation Program
Dec 27 2005 // Louisiana residents whose Hurricane Katrina or Hurricane Rita insurance claims are in dispute will soon be offered a possible solution at no cost to them, according to the Louisiana Department of Insurance. Commissioner of...
S&P Tells How It Rates Start-Ups
Dec 27 2005 // Standard & Poor’s Rating Services has issued a timely bulletin, entitled “Credit FAQ: Rating The Reinsurance Startups.” The article discusses the criteria the rating agency uses in determining the...
Details of PXRE’s Securitzation for “Second Event Protection”
Dec 27 2005 // Bermuda’s PXRE Group Ltd. has given details of its $250 million collateralized transaction with Atlantic & Western Re II Limited, a Cayman Island reinsurance company. The agreement is designed to provide...
Governors in Okla. and Texas Respond to Wildfire Threat
Dec 27 2005 // Both Texas Gov. Rick Perry and Oklahoma Gov. Brad Henry are responding to waves of wildfires plaguing their states as a result of the extremely dry conditions there. Henry reminded citizens that a statewide burn ban...
2005 Hurricane Losses to Top $57 Billion, Advisen Reports
Dec 27 2005 // New York-based Advisen Ltd. has released an estimate that worldwide insurance and reinsurance losses related to the three major hurricanes that hit the United States this year would amount to $57.6 billion, making the...
Hurricane-Impacted Floridians Eligible for Income Tax Relief
Dec 22 2005 // Tax and time relief measures are available to Floridians impacted by this year’s hurricanes according to Tom Gallagher, Florida CFO. “Many hurricane victims are still struggling to repair their homes and...
La. to Launch Mediation Program for Consumers With Hurricane-Related Insurance Disputes
Dec 22 2005 // Louisiana Commissioner of Insurance Robert Wooley will hold a press conference on Thursday, December 22, 2005, at 1:00 p.m., to announce the launch of the Louisiana Hurricane Mediation Program. The press conference will...
Estimates in Swiss Re <em>sigma</em> Study Confirm 2005 as Costliest Ever
Dec 21 2005 // Ever since Hurricane Katrina devastated New Orleans, 2005 looked certain to be a record-breaking year for insured losses. Swiss Re’s newly issued sigma report has now confirmed the sad fact. According to preliminary...
National Newsbriefs
Dec 19 2005 // House Passes Terrorism Insurance Bill: Legislation that will extend the 2002 Terrorism Risk Insurance Act for an additional two years passed the House of Representatives floor by a vote of 371 to 49. The Senate already...
LACKING EARTHQUAKE INSURANCE:
Dec 19 2005 // Barely four out of every 10 Missouri homeowners carry earthquake insurance, a cause of concern cited as Gov. Matt Blunt heard briefings on the state’s earthquake preparations. Blunt held a closed-door Cabinet meeting...
Hurricane Katrina Leads to Large Number of Claims, Frustration
Dec 19 2005 // While Hurricane Katrina spent only a couple of days menacing the Gulf Coast, the trail of destruction in both lives and properties lingers on months later. As places like New Orleans, Mississippi and other surrounding...
