Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
The Midland Co. Reports Q3 Profit
Oct 21 2004 // Cincinnati-based The Midland Company, a provider of specialty insurance products and services, reported results for the third quarter ended Sept. 30, 2004. Net income per share was 12 cents, which included 1 cent in...
AIG Unveils Q3 Numbers, Notes Storm Impact
Oct 21 2004 // American International Group Inc. (AIG) on Thursday reported third quarter 2004 net income of $2.51 billion or $0.95 per share, compared to $2.34 billion or $0.89 per share in the third quarter of 2003. Third quarter 2004...
Ascot Underwriting Chooses AIR’s Risk Model Software to Aid Global Catastrophe Risk
Oct 20 2004 // Ascot Underwriting Ltd (Ascot), a managing agent at Lloyd’s of London has selected AIR Worldwide to provide risk modelling software to manage its catastrophe risk. Ascot has licensed AIR’s CATRADER and CLASIC/2...
Argonaut Unveils Hurricane Claims Exposure
Oct 20 2004 // San Antonio-based Argonaut Group Inc. has reported that, based on claims information currently available, the combined effect of Hurricanes Charley, Frances, Ivan and Jeanne is estimated to result in pre-tax losses, net of...
ZFS Says Net Hurricane Claims Around $400 Million
Oct 19 2004 // Zurich Financial Services Group announced that it expects aggregate claims payments related to the four recent Atlantic hurricanes to be approximately $525 million before tax and net of reinsurance. “This corresponds...
Safeco Unveils Q3 Numbers, Notes Hurricane Impact
Oct 19 2004 // Seattle-based Safeco on Tuesday reported third-quarter results, reflecting strong fundamentals in a period with substantial hurricane losses and the loss on the sale of Life & Investments. The company posted a net...
Fla. CFO Reports 5th Arrest of Unlicensed Public Adjuster Working in Hurricane-Damage Area
Oct 18 2004 // A Pennsylvania man working in the Fort Myers, Florida area was arrested by investigators with the Department of Financial Services on a charge of operating as a public adjuster without a license. Albert E. McBride III, 36,...
Allmerica Notes Impact from Hurricane Jeanne
Oct 18 2004 // Massachusetts-based Allmerica Financial Corp. announced estimated pre-tax catastrophe losses of approximately $30 million related to Hurricane Jeanne. The company expects to cede all Hurricane Jeanne losses to reinsurers,...
Best Reacts to Allstate Floridian’s Capital Management Efforts Following Hurricanes
Oct 18 2004 // A.M. Best Co. reported this week that it acknowledges Allstate Floridian Insurance Group’s (Allstate Floridian) (Northbrook, Ill.) capital management efforts following Hurricanes Charley, Frances, Ivan and...
A.M. Best Affirms FSR for Florida Farm Bureau Group
Oct 18 2004 // A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of the Florida Farm Bureau Group. The rating applies to Florida Farm Bureau Casualty Insurance Company and its fully reinsured subsidiary, Florida...
Unitrin Tabs Full Hurricane Losses at Less Than $15M
Oct 17 2004 // Chicago-based Unitrin, Inc. announced that it expects its net losses resulting from Hurricanes Charley, Frances, Ivan and Jeanne combined will be less than $15 million after-tax. Unitrin had previously disclosed that its...
NAMIC: Post-Election Priority – Extension of TRIA
Oct 15 2004 // The Terrorism Risk Insurance Act’s (TRIA) hard end date of Dec. 31 poses a huge problem for commercial insurance policies taking effect on or after Jan.1, 2005, as the end of the typical one-year policy will extend...
Insurers to Pay $6B on Claims for Hurricane Ivan
Oct 15 2004 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $6 billion for insured property losses from Hurricane Ivan, according to ISO’s Property Claim Services (PCS) unit. Hurricane...
Wind Insurance Hikes Slap Coastal Residents
Oct 15 2004 // Coastal homeowners are getting socked again, and it has nothing to do with Charley, Frances, Ivan or Jeanne. Homeowners who buy hurricane insurance on their homes through Citizens Property Insurance Corp., the...
W. Va. Hurricane Ivan Aid at $10.5 Million
Oct 14 2004 // Federal and state funds to assist West Virginians with flood recovery efforts have reached $10.5 million, state and federal recovery officials said this week. President Bush’s Sept. 20 Hurricane Ivan disaster...
Survey Says Nearly 8 in 10 Calif. Homeowners in Fire Danger Areas Think Wildfire Losses ‘Unlikely’
Oct 14 2004 // Seventy-eight percent of California homeowners living in identified fire danger areas believe that it is “somewhat” or “very” unlikely their home will be damaged or destroyed by a wildfire,...
AIG Reports on Hurricane, Typhoon Losses; $500-$515 Million After Tax Net Losses Expected
Oct 14 2004 // American International Group Inc. (AIG) has issued an estimate of its total expected losses relating to Hurricanes Charley, Frances, Ivan and Jeanne, and Typhoons number 16 (Chaba), 18 (Songda) and 21 (Meari) in Japan. AIG...
Best Affirms Rating of California Earthquake Authority
Oct 13 2004 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of California Earthquake Authority (CEA) (Sacramento, CA). The rating outlook is stable. The rating of CEA reflects its distinctive structure,...
TRIA Extension Uncertain, Insurers Advised to Prepare
Oct 13 2004 // Insurers doing business in urban areas need to examine their business plans to make sure they understand how both the federal Terrorism Risk Insurance Act (TRIA) and unfair discrimination law could affect their business,...
Fla. Begins Hurricane Victim Dispute Mediation Program Following Storms
Oct 12 2004 // Disgruntled storm victims dissatisfied with their insurers now have an option intended to expedite settlements and keep the disputes out of court — mediation, at the industry’s expense. About 2 million Floridians...
