Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
California Authority Approves Earthquake Insurance Rate Reduction
Aug 26 2005 // The California Earthquake Authority has voted to reduce earthquake insurance premiums by 22 percent, in hopes that it will encourage more homeowners to purchase or renew earthquake coverage. The proposal will now go before...
AIR Worldwide Estimates Hurricane Katrina’s Damages at Less Than $600M
Aug 26 2005 // AIR Worldwide Corp., a risk modeling company, estimates that insured losses from the initial landfall of Hurricane Katrina should not exceed $600 million. With maximum sustained wind speeds of 80 mph at landfall, Hurricane...
CNA Opens Claims Center for Hurricane Katrina
Aug 26 2005 // CNA insurance companies announced the opening of a Catastrophe Operations Center within its Nashville, Tennessee office for handling anticipated claims from Hurricane Katrina. All new Hurricane Katrina losses should be...
General Casualty to Pay $5 Million in Wisc. Tornado Claims
Aug 26 2005 // General Casualty Cos. said today it expects to pay out about $5 million in losses on the nearly 60 claims that have been filed as a result of tornados last Thursday in southeastern Wisconsin. More than 30 of the claims are...
Typhoon Mawar Nears Japan
Aug 25 2005 // Typhoon Mawar is reported to be nearing Japan’s main island of Honshu. It is currently a category 2 storm with sustained winds of 105 mph (168 kph). Mawar’s path has been erratic and it’s still unclear...
Weintraub Arrested in Miami for Selling Bogus Windstorm Insurance Policies
Aug 25 2005 // Allen E. Weintraub of Miami, Fla. has been arrested for collecting more than $100,000 for worthless hurricane insurance he sold to at least 45 consumers. The arrest was announced by Tom Gallagher, Florida’s CFO, who...
TD12 Predicted to Build Into Hurricane Katrina, Hit South Florida Thursday
Aug 24 2005 // The National Hurricane Center in Miami predicts Tropical Depression 12 will build to near hurricane strength before it hits the South Florida coast late Thursday as Hurricane Katrina. Forecasters say Hurricane Katrina...
FAIA to Study ‘Another Avenue’ to Cover Florida’s Windstorm Risk
Aug 24 2005 // The Florida Association of Insurance Agents has announced it will study “another avenue” for covering hurricane wind damage in Florida and would like to establish its own “vehicle” to insure...
Fla. Task Force Begins Talks on How to Solve Hurricane Insurance Crisis
Aug 24 2005 // A 12-member Task Force on Long-Term Solutions for Florida’s Hurricane Insurance Market meets today in Tallahassee to discuss how to help Floridians obtain hurricane insurance, amid complaints that consumers...
Insurers Counting Claims from Wisc. Tornado Strike
Aug 23 2005 // American Family Insurance of Madison, Wisc., which insures about one of every four homes in Wisconsin, has $10.3 million in claims and expects that figure to increase to $12 million. American Family reported receiving 320...
Study: Short-Term TRIA Renewal Recommended; Long-Term Solution Needed
Aug 22 2005 // A 224-page report from the Wharton School at the University of Pennsylvania recommends that Congress renew the current federal Terrorism Risk Insurance Act backstop but “only for a relatively short period of...
Insurance Industry’s Share of Weather-Related Losses Rising, Researcher Says
Aug 22 2005 // Also, Majority of Weather Losses Tied to Smaller Events, Not Larger Catastrophes The insurance industry’s share of the world’s total economic losses from weather-related catastrophes is rising and 60 percent of...
UF Study Shows Homes Built After 2002 Stood Up Better to Hurricanes
Aug 22 2005 // Homes built under the Florida Building Code that became effective in 2002 sustained less damage on average than those built between 1994 and 2001 under the Standard Building Code, according to a University of Florida study...
News Briefs
Aug 22 2005 // ALABAMA Hurricane Sales Tax Measure Dies An effort was mounted during Alabama Legislature meetings to grant a sales tax break on necessary supplies to prepare for a hurricane but the measure did not pass. Its sponsor Rep....
Looyenga Outlines Major Hurricane Policy Changes
Aug 22 2005 // Open Market System Suggested: It’s essential to prepare now in case that one-in-10,000 major hurricane hits the Southern United States, Roger Looyenga, CEO of Auto-Owners Ins-urance said at the Florida Assoc-iation...
Catastrophe Models No Substitute for Experienced Underwriters
Aug 22 2005 // Managing Editor, Insurance Insider Computer programs designed to predict losses from possible cataclysmic events have been a boon to the insurance industry-the programs have reinforced reinsurers’ loss expectations,...
Study: Short-Term TRIA Renewal Recommended; Long-Term Solution Needed
Aug 22 2005 // A 224-page report from the Wharton School at the University of Pennsylvania recommends that Congress renew the current federal Terrorism Risk Insurance Act backstop but “only for a relatively short period of...
Insurance Industry’s Share of Weather-Related Losses Rising, Researcher Says
Aug 22 2005 // The insurance industry’s share of the world’s total economic losses from weather-related catastrophes is rising and 60 percent of these weather-related losses are attributable to small events as distinct from...
Ivan Costliest U.S. Hurricane in 2004
Aug 19 2005 // Flooding from Hurricane Ivan’s rain and storm surges prompted more than a billion dollars in claims, making it the costliest hurricane of 2004, U.S. officials said. Ivan’s damage also made it the third most...
Fla. 2004 Hurricane Recovery Passes $5.6 Billion Mark
Aug 18 2005 // One year after Hurricane Charley made landfall as the first of four major hurricanes to strike Florida, federal and state disaster assistance totals more than $5.6 billion, the U.S. Department of Homeland Security’s...
