Latest Catastrophe Headlines

All the headlines from our Catastrophe Topic Page, ordered by recency.

S&P Reports First Half Results in Japan’s P/C Sector Show Companies Still Under Pressure

Nov 30 2004 // Standard & Poor’s Ratings Services has issued a report noting that Japanese non-life insurance companies recently released results of for the first half of fiscal 2004, which indicate that underwriting...

Floridians Can Anticipate State-wide Premium Hikes

Nov 30 2004 // Florida homeowners can expect an 8.3 percent statewide increase in the cost of homeowner’s insurance, Bob Lotane, spokesman for the Florida Office of Insurance Regulation told the Bonita News. He said worst-hit areas...

FEMA Notes Record Aid for 2004 Hurricane Season

Nov 30 2004 // The U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) reported this week that a record $4.27 billion in FEMA disaster funds have been expended to date to aid people and communities...

Swiss Re Hurricane Report Stresses Risk Analysis

Nov 23 2004 // Swiss Re’s recently issued report on the 2004 hurricane season stresses that, although the number of storms may have been extraordinary, “the impact on insurers has been controllable through a process of...

Okla. Approves NCCI Values for Terrorism, Catastrophes

Nov 22 2004 // Oklahoma’s State Board for Property and Casualty Rates announced its approval of NCCI’s Item B-1393—Miscellaneous Values for Domestic Terrorism, Earthquakes, and Catastrophic Industrial Accidents. The purpose...

Information Institute Data Shows 2004 Hurricanes Broke All Records

Nov 22 2004 // Newly released information ranks all four of this season’s hurricanes among the top 10 costliest U.S. hurricanes in the past 25 years. And, taken together, the cost of this season’s storms edges out the cost of...

Hurricane Spitzer to Take London by Storm

Nov 22 2004 // QUOTE:This will impact every underwriter in Lloyd’s and most in London, given the distribution chain they inhabit. There’s still some sense of disbelief here in London at the moment. Hurricane Spitzer seems to...

2004 HURRICANE SEASON NOT SO UNUSUAL AFTER ALL:

Nov 22 2004 // According to an analysis conducted by AIR Worldwide (AIR), a risk modeling company, the 2004 hurricane season should not be considered rare. The analysis, based on the AIR hurricane model, revealed that insurers should...

The Hartford Purchases Collateralized CAT Reinsurance From Foundation Re

Nov 19 2004 // The Hartford Financial Services Group Inc. has acquired $247.5 million of multi-year, collateralized catastrophe reinsurance from Foundation Re Ltd., a Cayman Island reinsurance company. The new reinsurance coverage is...

Six N.C. Homeowners Dispute Denial of Hurricane Ivan Damage Claims

Nov 19 2004 // Six residents in Peeks Creek, N.C. where four people died in a Hurricane Ivan-triggered landslide have hired lawyers to represent them after being denied insurance claims. Fifteen houses were damaged or destroyed in Peeks...

Zurich Posts 35% Increase in Nine Month Net Income

Nov 17 2004 // Zurich Financial Services reported a 35 percent increase in its net income for the first nine months of 2004 to $1.902 billion, compared to $1.41 billion in the same period of 2003, despite the impact of the Florida...

La. DOI Final Estimate of Hurricane Ivan Damages Totals Nearly $7.9 Million

Nov 17 2004 // Commissioner of Insurance Robert Wooley announced that the Louisiana Department of Insurance’s final estimate of Hurricane Ivan damage in Louisiana is $7,868,750.00. That figure is based on a reported 3,760 claims...

Nationwide Estimates Florida Hurricane Losses at $850 Million Pre-Tax

Nov 15 2004 // Ohio-based Nationwide Mutual Insurance Company and its P/C affiliates have issued an estimate of the losses and loss adjustment expenses from Hurricanes Charley, Frances, Ivan, and Jeanne of approximately $850 million on a...

Hannover Re Hit by Q3 Cat Losses; 9-month Operating Profit Down 18.1 % to $527 Million

Nov 12 2004 // Germany’s Hannover Re – ranked by Standard & Poor’s as the world’s fifth largest reinsurer – announced third quarter earnings that were heavily impacted by the Florida hurricanes and...

CFO Gives Hurricane Response Status Report; Fla. Mediation Begins Nov. 22

Nov 12 2004 // Following a recent emergency rule setting deadlines for processing claims there have been almost 17 percent fewer calls from consumers experiencing delays when dealing with an adjuster, according to the Florida Department...

Allstate Holding Off On New Homeowner Policies in Florida

Nov 11 2004 // Allstate Corp., the largest property casualty insurer in Florida, has announced it will cease writing new homeowners’ policies in Florida until the state Legislature meets in December and decides what to do about...

Benfield Report Looks at 2004 Hurricane/Typhoon Season and Destruction Left Behind

Nov 10 2004 // Between Atlantic hurricanes and Pacific typhoons, the 2004 storm season has already generated record catastrophe (CAT) losses which will reportedly encourage many insurers to rethink their CAT reinsurance coverage. The...

Calif. Senator to Hold Hearing for Wildfire Victims to Voice Issues with Industry

Nov 10 2004 // Community Assisting Recovery, CARe, a nationally recognized non-profit disaster recovery assistance organization, announces that survivors of the 2003 California wildfires and their more fortunate neighbors will be able to...

Munich Re Posts $472 Million Q3 Profit, $1.94 Billion for Nine Months; Affirms Full Year Estimate (Almost)

Nov 9 2004 // Despite an estimated 550 million euros ($711 million) in hurricane related claims, Munich Re, the world’s largest reinsurer, seems to have weathered the storm(s). The company announced third quarter profits of 365...

Platinum Posts $69.8 Million Q3 Loss

Nov 9 2004 // Platinum Underwriters Holdings, Ltd. became another casualty of the Florida hurricanes. The Bermuda-based insurer posted a net loss for the period of $69.8 million, or $1.62 per common share, as its GAAP combined ratio...