Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
AIA Urges Caution When Considering National Cat Insurance Program
Nov 16 2005 // The American Insurance Association (AIA) issued the following response to the Natural Catastrophe Insurance Program Summit being held in San Francisco this week. “In the wake of the destruction from the 2005 Gulf...
St. Paul Travelers: Initial Wilma Losses About $220M After Tax
Nov 16 2005 // The St. Paul Travelers Companies Inc. announced that its preliminary estimate for catastrophe losses relating to Hurricane Wilma is approximately $220 million, after tax, net of reinsurance. This amount is based upon an...
Big ‘I’ Throws Backing Behind House Terrorism Insurance Bill
Nov 15 2005 // The Independent Insurance Agents & Brokers of America (the Big “I”) said it strongly supports H.R. 4314, the Terrorism Risk Insurance Revision Act, introduced late Monday by Subcommittee Chairman Richard...
Adjusters Call Iowa Tornado Damage ‘Equal to Andrew’
Nov 15 2005 // Insurance adjustors surveying damage from Saturday’s tornadoes in central Iowa say the devastation equals that of Hurricane Andrew that hit Florida in 1992, according to Associated Press. State Farm Insurance had 30...
Allianz Posts $934 Million Q3 Profit Despite Hurricane, Flood Losses
Nov 14 2005 // Germany’s Allianz had a very successful third quarter with net income up 70 percent to €794 million ($934 million) and €1.7 billion (2 billion) operating profit,” despite,” said the company’s...
La.’s Disaster Hurricane Unemployment Assistance Filing Deadline Draws Near
Nov 14 2005 // The Louisiana Department of Labor reported that time is running out for individuals who are eligible to apply for Disaster Unemployment Assistance (DUA) as a result of Hurricanes Katrina and Rita. The deadline to file is...
Natural Catastrophes, Aftermarket Auto Repair Parts, Credit Scoring Top AIA’s Agenda at NCOIL Meeting
Nov 14 2005 // The American Insurance Association (AIA) said it looks forward to an open dialogue with state legislators regarding the recent hurricanes and their ramifications for the insurance industry during the annual meeting of the...
AIR Worldwide: Significant Quality Issues with Insurers’ Exposure Data
Nov 14 2005 // A recent analysis of insurers’ exposure data by AIR Worldwide Corporation (AIR) determined that the quality and completeness of most insurers’ commercial policy data is insufficient for a detailed and accurate...
Insurance Regulators Hosting National Catastrophe Insurance Program Summit
Nov 14 2005 // State insurance regulators, industry representatives, catastrophe experts and consumer representatives are convening in San Francisco on Tuesday for a two-day summit in to help devise a national catastrophe insurance...
AIG Sees Q3 Net of $1.72 Billion
Nov 14 2005 // American International Group Inc. (AIG) has filed its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2005 with the Securities and Exchange Commission. Third quarter 2005 net income was $1.72 billion or $0.65...
Iowa Tornadoes Leave 1 Dead; Dozens of Homes Damaged
Nov 13 2005 // Nearly one week after killer tornadoes left more than 20 dead in Indiana, weekend tornadoes in Iowa killed at least one woman on Saturday and forced the evacuation of people from a college football game. The twisters hit...
House Committee to Offer 2-Year Terrorism Insurance Extension Next Week
Nov 11 2005 // The House Financial Service Committee has come up with what at least one group is calling a “workable” proposal to renew the federal terrorism insurance act for two years. The bill will be marked up by the...
PXRE Acquires $300 Million Cat Bond Backup Reinsurance
Nov 10 2005 // It may be a case of locking the barn door after the horse has gone (see following article), but Bermuda-based PXRE has taken a significant step to protect itself “from extreme catastrophe losses arising from...
Hannover Re Posts 9 Month Losses over $1 Billion
Nov 10 2005 // Germany’s Hannover Re, the world’s third largest reinsurer, has been hit with a commensurately large share of the losses from Katrina, Rita et. al. The company’s 9 month report notes an “exceptional...
Emergency Management Director Addresses Florida’s Hurricane Response Weaknesses
Nov 10 2005 // The failures that left thousands of Florida residents unprepared for Hurricane Wilma should be addressed by launching a new election-style marketing campaign, expanding the tax-free shopping week and beefing up...
Alabama DOI Predicts Price Increases; Expects 50,000 Hurricane Claims
Nov 10 2005 // More than 50,000 claims are expected in Alabama from hurricane damage according to Ragan Ingram, assistant insurance commissioner for the Alabama Department of Insurance. He said, however, that complete cost estimates...
Safeco Sees After-Tax Losses from Wilma at $29 Million
Nov 10 2005 // Seattle-based Safeco announced estimated after-tax catastrophe losses from Hurricane Wilma of $29 million, or $0.23 per diluted share. Pretax catastrophe losses from the storm are estimated at $45 million. These figures...
La. DOI: Emergency Rules to Expire on Nov. 30 and Dec. 31
Nov 9 2005 // Louisiana Department of Insurance issued a second notice regarding the Emergency Rules that require insurance companies to give policyholders affected by Hurricane Katrina or Hurricane Rita an automatic extension of time...
Ind. Tornado Losses Top $10 Million
Nov 9 2005 // Preliminary estimates for insured losses arising from the surprise tornado that struck southern Indiana on Sunday stands at $10 million, according to the Insurance Institute of Indiana. Twenty-two people died and about 230...
Fla. CFO Gallagher Supports Tax-Deferred CAT Fund Reserves; Suggests Reinsurance Rate Study
Nov 8 2005 // Legislation in Congress to pass U.S. Rep. Mark Foley’s proposal to allow the accumulation of tax-deferred catastrophic reserves by insurers, and a study on how to add programs to the Florida Hurricane Catastrophe...
