Latest Catastrophe Headlines

Lloyd’s Hurricane Losses Top $ 5 Billion

Dec 19 2005 // In an updated statement, Lloyd’s acknowledged that it now estimates the London market’s combined losses from the three hurricanes that struck the U.S. will exceed $5 billion. The new figures are based on the...

Five Major Hurricanes Expected in 2006

Dec 19 2005 // Seventeen named storms could strike the Atlantic basin next year, with nine developing into hurricanes, if predictions by William Gray and Philip Klotzbach of Colorado State University based in Ft. Collins come true. They...

Preparing for Worst, Cat Modelers Say More Destruction Ahead

Dec 19 2005 // Florida has survived eight hurricanes in 15 months, but more destruction is coming, according to risk modeling companies and economists speaking at the National Catastrophe In-surance Summit in Burlingame,...

Role of Government, All-Perils Policy Among Sticking Points Cited by Insurers

Dec 19 2005 // Role of Government, All-Perils Policy Among Sticking Points Cited by Insurers Industry representatives generally support state regulators’ efforts to craft a comprehensive plan for natural catastrophes but take issue...

Insurance Actuaries Prepared for Even More Damaging Hurricanes

Dec 19 2005 // Despite the unprecedented nature of the four hurricanes making landfall in Florida in 2004 and the huge disasters spawned in the Gulf of Mexico in 2005, panelists at the recent annual meeting of the Casualty Actuarial...

Opportunity Knocks

Dec 19 2005 // As 2005 draws to a close it marks the end of the second tumultuous year for the industry. After the multiple hurricanes of 2004, everyone was hoping 2005 would be calmer, but we ended up having an even more catastrophic...

Historic Hurricane Year Puts the Spotlight on Federal Flood Insurance

Dec 19 2005 // Hurricanes Katrina and Rita affected the Gulf Coast as some of the strongest storms to hit the United States during the last 100 years, causing widespread devastation and flooding. In mid-January the country saw more than...

Independent Agents Feel Hurricane Katrina’s Full Force

Dec 19 2005 // Residents in many areas of the Gulf Coast watched their lives change forever on Aug. 29, 2005. When all was said and done, Hurricane Katrina went in the record books as the country’s worst natural disaster, leaving a...

Meeting Today’s Challenges and Preparing for Tomorrow’s

Dec 19 2005 // Several pressing public policy issues remain to be debated in the Gulf region and across the country. At the forefront is the question of how we, as a nation, will finance losses from future mega-catastrophes. Weather...

Five Major Hurricanes Expected in 2006

Dec 19 2005 // Seventeen named storms could strike the Atlantic basin next year, with nine developing into hurricanes, if predictions by William Gray and Philip Klotzbach of Colorado State University based in Ft. Collins come true. They...

Liberty Mutual Hires Former 9/11 Fund Head to Mediate Hurricane Claims

Dec 19 2005 // Liberty Mutual Insurance Company has hired the mediator who oversaw the Sept. 11 Victim Compensation Fund to help settle insurance claims filed by homeowners after hurricanes Katrina and Rita. The Boston insurer’s...

A.M. Best Report: Terrorism – Too Risky Without TRIA

Dec 19 2005 // A.M. Best Co. believes terrorism is too risky without some sort of backstop to protect insurance companies providing coverage on a primary basis. The expiration of the Terrorism Risk Insurance Act (TRIA) of 2002 without...

Insurers Urged to Assess Climate Change Risks

Dec 19 2005 // State treasurers and controllers from around the country are urging major insurance companies to analyze and disclose their financial risk from climate change, warning that higher rates and loss of coverage are...

Tomorrow’s Insurance Products Are Being Developed Today

Dec 19 2005 // Hurricanes, Capital, Agents and Technology Feed the Product Process Looking for a new market? Most people in the industry are, including those who get paid to come up with new insurance products. According to these product...

Industry Voices Concerns Over National Insurance Catastrophe Plan

Dec 19 2005 // Role of Government, All-Perils Policy Among Sticking Points Cited by Insurers Industry representatives generally support state regulators’ efforts to craft a comprehensive plan for natural catastrophes but take issue...

Congress Passes TRIA Renewal; Legislation Sent to President’s Desk

Dec 18 2005 // Congress approved the Terrorism Risk Insurance Revision Act of 2005 late last week after reconciling differing versions passed in both the House and the Senate. The legislation now moves to the President’s desk for...

Dec 18 2005 // Five Major Hurricanes Expected in 2006 Seventeen named storms could strike the Atlantic basin next year, with nine developing into hurricanes, if predictions by William Gray and Philip Klotzbach of Colorado State...

Calif. Court Rules in Favor of Earthquake Policyholders

Dec 18 2005 // An insurance broker was a representative for the California Fair Plan Insurance Co. with regard to the Northridge earthquake revival statute, which gave policyholders another year to file lawsuits against their insurers in...

States Urged to Prepare for Catastrophes by Enforcing Smarter Land Use

Dec 18 2005 // The country needs to consider where and how it builds if it is to avoid the worst effects of another Hurricane Katrina or Sept. 11 attack, according to experts at the recent National Conference of Insurance Legislators...

Disaster Recovery Aid Surpasses $564.6M for Hurricane Rita

Dec 18 2005 // Families and individuals who suffered damage from Hurricane Rita have received more than $564,654,596 in assistance from state, federal, local and voluntary agencies. These agencies are working in partnership to continue...