Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Rep. Cannon: Hurricanes Provided Valuable Lesson; Citizens Concerns PIA Members
Feb 15 2005 // The silver lining to last year’s hurricanes proved that without adequate compensation for agents, there will be trouble when claims need to be settled, freshman Rep. Dean Cannon (R-Winter Park) told Professional...
Customers Polled: Foremost Receives High Marks for Processing Hurricane Claims
Feb 11 2005 // Foremost Insurance Group of companies received high marks in a survey done on 3,000 customers who suffered losses from hurricanes in late 2004. The survey had a response rate of 39 percent. Those who responded rated...
Philadelphia Consolidated CEO Pleased with Q4 Report
Feb 11 2005 // Philadelphia Consolidated Holding Corp. on Friday reported net income for the quarter ended Dec. 31, 2004 increased 58.0% to $32.4 million ($1.38 diluted and $1.45 basic earnings per share) from $20.5 million ($0.89...
AIR’s Mediterranean Region Earthquake Model Now Available in CLASIC/2
Feb 9 2005 // AIR Worldwide Corp. (AIR) announced its Mediterranean Region Earthquake Model is now available in its detailed risk modeling software system, CLASIC/2. The update enables European primary insurers, brokers, and reinsurers...
ISO: Insurers Pay a Record $27.3B in 2004 Cat Losses
Feb 9 2005 // U.S. property/casualty insurers paid a record $27.3 billion for insured property losses to homeowners and businesses from 22 catastrophic events last year—surpassing losses from 2001 that included the Sept. 11...
XL Capital Notes $288M Q4 Profit
Feb 9 2005 // Bermuda-based XL Capital Ltd. reported net income available to ordinary shareholders for the quarter ended Dec. 31, 2004 of $288.0 million, or $2.07 per ordinary share, compared with a net loss of $314.8 million, or a loss...
Zurich Estimates Tsunami, Hurricane Losses at $185M
Feb 7 2005 // Zurich Financial Services Group (Zurich) expects claims related to the tsunami that struck South Asia on Dec. 26, 2004 to cost approximately $65 million after tax and net of reinsurance. The aggregate amount of expected...
ACE USA Unveils ACE Spectra
Feb 7 2005 // ACE USA, the U.S.-based retail operations of The ACE Group of Companies has introduced ACE Spectra, an admitted insurance product that provides coverage for property damage and business interruption resulting from a...
Insurance Concerns on Fla. Agenda
Feb 7 2005 // The Florida Legislature is considering numerous actions during spring sessions, including taking a close look at preparedness for the upcoming hurricane season, now five months away; implementing single-deductibles;...
In the Wake of the Tsunami ….
Feb 7 2005 // The Southeast Asia earthquake and tsunami disaster occurred while many of us where at home enjoying the holidays with our families. At Insurance Journal, the catastrophic event took place in between the deadlines for our...
Industry Responds to Relief Efforts for Southeast Asia Tsunami Victims
Feb 7 2005 // The Southeast Asia tsunami disaster has affected the lives and hearts of people throughout the world. What can only be described as one the worst natural disasters in history has led to an estimated death toll of 226,000,...
PXRE Q4 Net Up 18%; But Full Year Down 76%
Feb 4 2005 // The Bermuda-based PXRE Group posted solid results in the fourth quarter with net income up 18 percent to $32.8 million, or $1.09 per diluted share, compared to $27.8 million, or $1.14 per diluted share, in the fourth...
N.C. Gov. Easley Suggest Using ‘Rainy Day Fund’ for Hurricane Relief
Feb 3 2005 // With damage estimates after last year’s hurricanes approaching $300 million, North Carolina Gov. Mike Easley has asked legislators to approve spending $61 million from the state’s rainy day fund to assist...
Hurricane Center Director: Predictions Imprecise, But Keep Getting Better
Feb 3 2005 // Predicting the weather in general and hurricanes in particular can be a very imprecise science, Max Mayfield, director of the Tropical Prediction Center/National Hurricane Center in Miami told more than 500 Windstorm...
S&P: Without Terrorism Coverage, Big Changes Loom
Feb 3 2005 // Congress has yet to renew the government program that reinsures losses in the insurance industry from foreign terrorist attacks, and the possibility that this program might expire at the end of 2005 is already prompting...
Windstorm Panelists Doubt Hurricane Claim Settlement Statistics
Feb 2 2005 // Panelists and even the audience dispute Florida Insurance Council and Florida Office of Insurance Regulation statistics indicating that a large percentage of claims from the four hurricanes that hit Florida in 2004 have...
Tsunami Losses Less Than $4B Reports RMS
Jan 31 2005 // Risk Management Solutions (RMS) has announced estimates that insured losses from the 2004 Southeast Asia earthquake and tsunami will be less than $4 billion, based on the information available within the first three weeks...
The Hartford Sees 37% Gain in Q4 Net Income to $620M
Jan 28 2005 // The Hartford Financial Services Group Inc. reported a 37-percent increase in fourth quarter 2004 net income to $620 million, or $2.08 per diluted share, hitting an all-time quarterly record. Net income in the current...
March 1 Deadline for Fla. Hurricane Victims to Submit Multiple Deductible Claims
Jan 27 2005 // Homeowners eligible to receive compensation for multiple hurricane deductibles have been called on by Florida’s Chief Financial Officer Tom Gallagher to act now and file their applications for relief so they are...
Florida Hurricane Fund Announces Goodwill $1 Million In-Kind Donation
Jan 27 2005 // Florida Hurricane Relief Fund managers have announced a $1 million in-kind donation from Goodwill Industries of Florida to provide hurricane survivors with clothing and household items as recovery continues. The fund was...
