Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
How Did Catastrophe Models Weather Katrina?
Oct 3 2005 // While it’s too early to tell if the highly touted computer catastrophe models met expectations for Hurricane Katrina, there are indications the models didn’t work as well as some insurers had hoped. Several...
Fitch: Katrina Causes Unprecedented Challenges, Risks for P/C Insurers
Oct 3 2005 // The circumstances surrounding Hurricane Katrina are unprecedented in many ways, reports Fitch Ratings. So much so that the rating agency may need to reassess the core risk profile of the property/casualty insurance...
News Briefs
Oct 3 2005 // Roundup of Katrina Loss Estimates: As the scope of the devastation wrought by Hurricane Katrina became increasingly evident, European and Bermuda-based insurers and reinsurers continued to calculate their potential...
Creation of a Federal Cat Fund Hits Mainstream
Oct 3 2005 // The devastation left by Hurricane Katrina stirred up familiar talk in the insurance industry and beyond about the need for a federal catastrophe risk program. And less than a month after Katrina, insurance regulators from...
Katrina, Asbestos, Soft Market Test Mettle of Today’s Bright CEOs
Oct 3 2005 // Industry pundits have praised today’s insurance chief executive officers as better informed and more disciplined than their peers of the past. The next few months may put that notion to the test as these leaders are...
N.Y. Insurance Chief Renews Plea for TRIA, Notes State Plans No Substitute
Sep 30 2005 // New York insurance officials, fearful Congress will not renew the Terrorism Risk Insurance Act before it expires at the end of the year, are working on backup plans of their own. New York officials have been in touch with...
PIA Legislative Update: Agents Have Until March to Make Recommendations to Florida’s Hurricane Task Force
Sep 30 2005 // Legislative changes effecting property insurance that took place this year in the Florida Legislature were discussed by Keri Rayborn, Rayborn Consultants, and Ron Villella, PIA’s government affairs director, during a...
National Symposium on Future of Terrorism Risk Insurance Set
Sep 29 2005 // In the wake of Hurricanes Katrina and Rita, leaders from the public and private sectors from throughout the nation will take part in the National Symposium on Terrorism Risk Insurance in the Cannon House Office Building on...
PXRE Estimates Rita Impact at $30-$40 Million; Sees Q3, Full Year Loss
Sep 29 2005 // The Bermuda-based PXRE Group Ltd. has announced that its preliminary estimate of the net impact from Hurricane Rita is between $30 and $40 million, “after tax, reinsurance recoveries on its outwards reinsurance...
S&P Revises Outlook on Global Reinsurers from Stable to Negative; To Hold Telephone Conference
Sep 29 2005 // Standard & Poor’s Ratings Services announced that it has revised its outlook on the global reinsurance industry to negative from stable. The news appears in a report, published today, entitled “Near-Term...
Mold Proves Yet Another Challenge in Wake of Hurricanes
Sep 29 2005 // The horrific wake of two hurricanes on the Gulf Coast includes near-universal mold damage, a side effect that, while troublesome to home and business owners, may have its largest consequences on real estate lenders. With...
Brit Estimates Total Katrina/Rita Claims at $256 Million
Sep 28 2005 // The U.K.’s Brit Insurance Holdings PLC announced that it has preliminarily estimated its combined loss claims from Hurricane Katrina, the New Orleans Flood and Rita at 145 million pounds ($256 million). “This...
La. DOL Extends Disaster Unemployment Assistance Filing Following Hurricane Rita
Sep 28 2005 // The Louisiana Department of Labor announced that those affected by Hurricane Rita have until Nov. 30 to file for Disaster Unemployment Assistance. Because of the widespread devastation to homes and businesses in...
Texas Gov. Perry Asks Federal Government for Full Reimbursement of Rita Costs
Sep 28 2005 // Texas Gov. Rick Perry has sent a letter to federal officials requesting that Texas get the same level of reimbursement for Hurricane Rita as for Hurricane Katrina. Perry also joined with Houston Mayor Bill White and Harris...
NOAA Meteorologists Predict ‘Strong Likelihood’ of October Hurricane
Sep 28 2005 // There is a strong likelihood another hurricane will occur in October and the most likely landfall will be Florida and Gulf region, according to meteorologists with the Hurricane Research Division of the National Oceanic...
Before Hurricane Rita Made Landfall, AppRiver Offered Digital Disaster Safety
Sep 27 2005 // Before Hurricane Rita made landfall, AppRiver, a Gulf Breeze, Fla. provider of business email security solutions, offered companies in the path of Hurricane Rita a free service to protect and preserve email traffic in case...
Safeco Estimates Katrina After-Tax Losses at $78M
Sep 27 2005 // Seattle-based Safeco announced estimated after-tax catastrophe losses from Hurricane Katrina of $78 million, or $0.61 per diluted share. Safeco’s gross pretax losses before reinsurance are estimated to be $170...
Hurricane Victims in Texas Can File Claims Before Seeing Damage
Sep 27 2005 // Texans who can’t return home because of the damage caused by Hurricane Rita can file a claim without seeing what has happened to their property, according to the Insurance Council of Texas. By filing a claim now, the...
Fitch: Hurricane Rita Won’t Cause Widespread U.S. Insurance Company Rating Changes
Sep 26 2005 // Fitch Ratings said Monday it expects Hurricane Rita will represent a material loss to the insurance industry and will create further strain on insurers’ claims-adjusting resources. However, Fitch does not expect any...
Floridians Warned: Hire Reputable Contractors for Hurricane Cleanup
Sep 26 2005 // Florida Attorney General Charlie Crist has advised Floridians affected by Hurricane Rita to use extra caution when hiring workers to help clean up the damage caused by the storm. In particular, Crist warned those who are...
