Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
PIA of Louisiana resolutions seek hurricane relief assistance
Jan 1 2006 // Thanking insurance companies on behalf of Louisiana insurance agents and the policyholders they represent for the carriers’ hard work and assistance in the aftermath of Hurricanes Katrina and Rita, the Professional...
Despite concerns, new study shows no shift in Midwest faults
Jan 1 2006 // The earth under the New Madrid Seismic Zone either isn’t shifting or is barely shifting at all, say three independent university analyses of a global positioning system stations stuck in the ground and monitored for...
Hurricane Katrina Leveled Pascagoula, Miss., Home of U.S. Sen. Trent Lott; He’s Suing State Farm for Damages
Jan 1 2006 // U.S. Sen. Trent Lott, R-Miss., is suing his insurance company over damages to his beachfront Pascagoula home, which was leveled by Hurricane Katrina. The law office of Richard “Dickie” Scruggs, Lott’s...
New federal terrorism reinsurance differs from original in key
Jan 1 2006 // Right before going home for the holidays, Congress reconciled different House and Senate versions and approved an extension of the federal terrorism reinsurance program in the form of the Terrorism Risk Insurance Revision...
USDA: $200 Million for Fla. Agriculture Hurt by Hurricanes
Dec 30 2005 // The U.S. Department of Agriculture has designated at least $200 million (euro168 million) for Florida growers and farmers who suffered losses from the 2005 hurricanes, officials said. The funds were included in last...
Allstate Units Agree to Coverage Checks Sought After Ariz. Wildfire
Dec 30 2005 // 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...
Rural Ala. County Buys Insurance Against Foreign-Based Terrorism
Dec 29 2005 // A rural south Alabama county has boosted its insurance coverage to cover any attack by a foreign-based terrorist group after a discussion over such an unlikely event. The Clarke County Commission approved the $7,000 annual...
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...
