Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Single Territory Map Plan Struck From Fla. House Bill, Remains in Senate Version
Apr 4 2005 // A proposal which would create a single Florida-wide territory map and eliminate individual rate territories based on predicted hurricane risks and expected loss models was removed from House hurricane legislation last...
An Underinsurance Lesson from the West Coast
Apr 4 2005 // In the aftermath of the devastating Southern California Wildfires of October 2003, claim adjusters went to work in an area where an estimated 3,631 structures were destroyed. In many cases the only remaining indication of...
Hurricane Victims Need Help!
Apr 4 2005 // When I attended the Florida Department of Financial Services town hall meeting in Orlando I got a glimpse of what many insurance agents must have encountered after last year’s hurricanes–how the heck did you...
South Central Homeowners Market Update
Apr 4 2005 // Judging from the homeowners insurance rate changes reported by the Arkansas Insurance Department for 2004, the highest increases were effective before August. The largest hike, 28.3 percent, was filed by Federal Insurance...
Homeowners Moving to the West Coast
Apr 4 2005 // Whether your client owns a multi-million dollar home overlooking the Pacific Ocean or a small bungalow tucked away a mile from the beach, it is your responsibility to find the right homeowners insurance coverage that will...
Adjusters can Detect the Problem of Underinsurance Before Disaster Strikes
Apr 4 2005 // In the aftermath of the devastating Southern California wildfires of October 2003, claim adjusters went to work in an area where an estimated 3,631 structures were destroyed. In many cases the only remaining indication of...
Homeowners Want ‘Uncovered Perils’ Clarified; Fla. Legislators Won’t Budge
Apr 1 2005 // Homeowners with outstanding claims for hurricane damage and their attorneys, insurance company lobbyists and Florida’s House Insurance Committee members all disagree about if an insurance company is liable if a...
Guy Carpenter, MMC Securities Cat Bond Market Update Sees Increased Growth
Apr 1 2005 // Guy Carpenter & Company, Inc., the global risk and reinsurance specialist and a part of the Marsh & McLennan Companies, and its affiliate MMC Securities Corp. announced the release of their joint study of the...
New GAO Study: U.S. Needs Government Help to Insure for Catastrophes and Terrorism
Mar 31 2005 // A new U.S. government report indicates that the private U.S. insurance industry would be placed under enormous strain without government intervention if there were a major terrorist or catastrophic event or series of...
New Hawaii Tsunami Report Added to RiskMeter Online
Mar 30 2005 // CDS Business Mapping, LLC is now offering Hawaii tsunami reports on the RiskMeter Online (www.RiskMeter.com). By simply typing in an address, users will be alerted if the address falls into a high risk area, as well as...
Q4 Rescues Hannover Re 2004 Profits from Hurricanes
Mar 30 2005 // Germany’s Hannover Re Group reported 309.1 million euros ($400 million) net after tax income for 2004, down 12.9 percent from 2003’s 354.8 million euros ($459.8 million). The company’s earnings report,...
Fla. Senate Committee Postpones Insurance Bill Until Next Week; Industry Hopes for ‘More Balanced’ Approach
Mar 30 2005 // Insurance industry representatives hope the announcement of the postponement until next week of an insurance bill now before the Senate Banking and Insurance Committee signals that a “more balanced” bill will...
Fitch Says P/C Views Record U.S. Catastrophe Losses in 2004, However Profitability Moves Up
Mar 30 2005 // The U.S. property and casualty industry posted stronger underwriting results and profitability in 2004 relative to 2003, despite sharp increases in catastrophe losses for many market participants related to the...
8.7 Quake Strikes Indonesian Islands; 2000 Feared Dead; Tsunami Alerts Given, Cancelled
Mar 29 2005 // A severe earthquake, measuring 8.7 on the Richter Scale, struck several Islands off the Northwest Coast of the Indonesian Island of Sumatra at around 11:15 p.m. local time (11:15 a.m. EST) causing heavy damage and loss of...
Carvill Report Indicates “Bermuda High” is Crucial Hurricane Factor
Mar 29 2005 // The ReAdvisory group of Carvill, a leading specialty reinsurance intermediary, has released a white paper, which concludes that the location of the “Bermuda High” pressure system is crucial in determining...
Mich. Catastrophic Claims Assessment Up 11%
Mar 25 2005 // The Michigan Claims Catastrophic Association increased its annual assessment to insurers by 11 percent to $141.70 per insured vehicle from $127.24, drawing sharp criticism from the state’s insurance regulator. In a...
Fla. Legislators Hammering Out Property Insurance Regulations, Changes
Mar 25 2005 // Major changes in Florida’s property insurance system are being mulled over by Florida lawmakers after the House and Senate have both been wrestling with the topic and have now hammered out changes to tighten up the...
Research and Markets Offers Catastrophe Risk and Reinsurance Analysis
Mar 23 2005 // Dublin-based Research and Markets has announced the addition of Catastrophe Risk and Reinsurance: A Country Risk Management Perspective to their offering. See: http://www.researchandmarkets.com/reports/c14308. The report...
PCI: Fla. Hurricane Cat Fund Changes are Key to Property Market Stability
Mar 22 2005 // The Property Casualty Insurers Association of America (PCI) is urging the Florida Legislature to establish an annual hurricane deductible for insurers and lower the threshold of losses that an insurer must sustain before...
Killer Tsunamis and the Marine Insurance Market
Mar 21 2005 // Early in the morning hours on Dec. 26, 2004, opposing subterranean tectonic plates deep beneath the Indian Ocean floor shifted in violent unison along a line about 300 miles long. The energy released was on par with a...
