Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
SURVEY: PRICING SURPASSES TERRORISM AS TOP CONCERN:
Jul 19 2004 // An industry survey reveals that pricing is the top of concern facing major reinsurers and carriers in 2004, dramatically surpassing last year’s survey results where the top concern was terrorism. According to the...
Wildfire Victims Question Industry’s Cost Calculator
Jul 19 2004 // Don Robinson says his Residence Mutual insurance policy pegged the cost of replacing his San Diego home at $233,000. After Southern California’s wildfires destroyed the 40-year-old biologist’s four bedroom...
NCOIL Task Force Backs TRIA Extension; Market Conduct Model Next on Agenda
Jul 16 2004 // CHICAGO―A National Conference of Insurance Legislators’ (NCOIL) task force unanimously approved a resolution to extend the Terrorism Risk Insurance Act (TRIA) “for a sufficient period of time to permit...
ACE Launches Hurricane Cancellation Product
Jul 16 2004 // ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, has introduced hurricane cancellation insurance that can be used by hotels in their efforts to attract conferences and conventions to their...
Colorado Hailstorm Causes Over $28 Million in Damages
Jul 15 2004 // The Rocky Mountain Insurance Information Association estimates that a July 9th Colorado Springs hailstorm will result in more than 9,000 claims totaling $28.2 million in insured damage. This estimate includes approximately...
China Planning Earthquake Coverage Program
Jul 14 2004 // China wants to build an insurance system in two to three years to protect against natural catastrophes, which officials estimate cause some $17 million in losses every day. China Daily reported that the Insurance...
Actuaries Look at TRIA
Jul 14 2004 // With the uncertainty of the occurrence and magnitude of another terrorist attack on American soil, the Extreme Events Committee of the American Academy of Actuaries has released a monograph examining the impact of...
Chubb Warns Homeowners to Make Hurricane Preparations as Percentages Increase
Jul 14 2004 // Tropical storm experts are forecasting a 71 percent chance of a major hurricane hitting the U.S. coastline in 2004 – a significant jump from the long-term average of 52 percent. The National Oceanic Atmospheric...
Wildfire Victims Question Industry’s Cost Calculator
Jul 12 2004 // Don Robinson says his Residence Mutual insurance policy pegged the cost of replacing his San Diego home at $233,000. After Southern California’s wildfires destroyed the 40-year-old biologist’s four-bedroom...
AIA: Momentum Reportedly Growing to Extend Terrorism Insurance Law
Jul 8 2004 // New legislation authored by several House Democrats to extend the Terrorism Risk Insurance Act of 2002 (TRIA) demonstrates strong, bipartisan congressional support for keeping TRIA’s temporary, yet vital, economic...
ISO: Insurers to Pay Policyholders $1.65 Billion for Q2 CAT Claims
Jul 8 2004 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $1.65 billion for insured property-loss claims from six catastrophes affecting 23 states in the second quarter, according to...
18 Die as Typhoon Causes Flooding in Taiwan
Jul 6 2004 // Typhoon Mindulle struck Taiwan over the weekend, bringing torrential rains that caused widespread flooding. I8 people were reported to have died, and another 9 are missing. According to a news report from the BBC, the...
Homeowners in Hurricane Paths Hit with High Insurance Costs
Jul 5 2004 // Retired police officers Ed and Nancy McCue are thinking about leaving their dream home near the shores of Biscayne Bay because it’s in a prime area for hurricanes. It’s not the storm threat itself that’s...
Have Catastrophe Risks’ ‘Bring ‘Em On!’ Says Specialized Writer ICAT
Jul 5 2004 // The map shows a thin blue line skirting the edge of the Gulf and Atlantic coasts from Louisiana around Florida and all the way up to Maine to highlight the hurricane states. The blocks of red across the Western territories...
Treasury Dept. Extends ‘Make Available’ Provisions of TRIA
Jul 5 2004 // The U.S. Treasury Department announced its decision to extend the “make available” provisions of the Terrorism Risk Insurance Act (TRIA) through 2005, the third year of the federal Terrorism Risk Insurance...
Survey: Pricing Surpasses Terrorism as Top Concern
Jul 2 2004 // An industry survey reveals that pricing is the top of concern facing major reinsurers and carriers in 2004, dramatically surpassing last year’s survey results where the top concern was terrorism. According to the...
NAIC Resolution Asks for TRIA Extension
Jun 25 2004 // The National Association of Insurance Commissioners (NAIC) announced that it has adopted a formal resolution urging Congress to adopt a two-year extension of the Terrorism Risk Insurance Act (TRIA). The resolution, adopted...
AAIS Prepares to File New Terrorism Endorsements
Jun 24 2004 // The American Association of Insurance Services (AAIS), a national insurance advisory organization, announced that it is preparing a countrywide filing of new terrorism endorsements insurers can use in anticipation of the...
Insurer Groups Laud Congressional Effort to Extend TRIA
Jun 23 2004 // At a press conference on Tuesday, four members of the House of Representatives introduced a bill extending the Terrorism Risk Insurance Act (TRIA). Both the American Insurance Association and the National Association of...
FLORIDA CFO WARNS OF HURRICANE PREPAREDNESS:
Jun 21 2004 // With explosive state population growth and experts predicting the formation of more than 12 named Atlantic storms, Florida’s Chief Financial Officer Tom Gallagher issued a warning recently to Floridians to prepare....
