Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Allstate Study Warns on Coastal Floods
May 26 2004 // Allstate Insurance Company announced that a study it conducted in 2003 identified more than 750,000 homes in coastal hurricane states that may not have flood insurance. The study looked at current Allstate homeowners...
Fla. CFO Warns of Hurricane Preparedness
May 26 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 is issuing a warning to consumers: Prepare...
La. Commissioner Warns of Preparing for Hurricanes
May 26 2004 // Louisiana Commissioner of Insurance Robert Wooley said checking all of one’s property insurance policies now could help save them from financial ruin during the hurricane season that begins June 1 and stays through...
EQECAT Hurricane Model Certified by Fla. Commission
May 20 2004 // EQECAT Inc., announced that the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) unanimously re-certified EQECAT’s Hurricane model for use in Florida. The certification was the seventh in a...
Insurers Urge Senate Panel to Extend TRIA
May 18 2004 // Congress should act this year to extend the Terrorism Risk Insurance Act (TRIA) for two years beyond its Dec. 31, 2005, expiration date because the private market alone cannot deal with further catastrophic terrorist...
CONN. TERROR EXCLUSION SIGNING:
May 17 2004 // The American Insurance Association (AIA) has urged Connecticut Gov. John Rowland (R) to sign the legislation (HB 5200) passed on April 30 by the state legislature to create a terrorism exclusion in the Standard Fire...
AIR 2004 U.S. Hurricane Model Certified by Fla. Commission for 8th Straight Year
May 17 2004 // AIR Worldwide Corporation (AIR) announced the certification of its 2004 U.S. Hurricane Model by the Florida Commission on Hurricane Loss Projection Methodology. For the eighth consecutive year the AIR model has been...
Insurers Prepare for a Post-TRIA World; ‘Baby Steps’ Toward Federal Regulation
May 17 2004 // Property/casualty insurers are coming to grips with the fact that a government-sponsored terrorism insurance backstop could expire at the end of next year, which would send pricing shockwaves through the market. Carriers...
Ga. Commissioner Reminds Residents of Hurricane Danger During National Hurricane Awareness Week
May 17 2004 // This week, May 16-22, is National Hurricane Awareness Week, and Georgia Insurance Commissioner John Oxendine is reminding Georgians that they should check their homeowners policy annually to be sure they have adequate...
N.C. RESIDENTS URGED TO PREPARE FOR HURRICANE SEASON; ATLANTIC BASIN FORECAST RELEASED:
May 17 2004 // Hurricane Isabel was directly or indirectly responsible for 50 deaths nationwide and caused an estimated $170 million of property damage in North Carolina last September. Experts predict 14 named storms and eight...
AIR’s SEVERE THUNDERSTORM MODEL KEY COMPONENT TO NEW PERIL-BASED FLA. HOMEOWNERS RATES:
May 17 2004 // For the first time, homeowners rates that include a severe thunderstorm component based on sophisticated catastrophe modeling have been included as part of a rating plan subject to approval by state regulators. Florida...
OKLAHOMA HAILSTORM DAMAGES EXCEED $75M:
May 17 2004 // Hailstorms that hit central Oklahoma in April caused more than $75 million in damage, according to preliminary estimates released by the Oklahoma Insurance Department. The Associated Press reported that Insurance...
IIASA, TWIA WINDSTORM WORKSHOP:
May 17 2004 // The Independent Insurance Agents of San Antonio announced it will host a windstorm insurance underwriting workshop in conjunction with the Texas Windstorm Insurance Association. The workshop is scheduled for June 4, 2004,...
Taking the Risk: Protecting Your Clients with Political Risk Insurance
May 17 2004 // Over the past three decades, 80 percent of the terrorist attacks against the United States have been directed against American businesses in foreign locations. In 2001, about 400 American businesses were attacked. Compared...
OCTOBER WILDFIRE SURVIVORS FILE CLASS ACTION SUIT AGAINST INSURANCE COMPANIES:
May 17 2004 // A class-action lawsuit was filed on May 5 against four major insurance companies who write homeowner’s insurance in California. The lawsuit filed against State Farm, Allstate, Farmers and Safeco alleges that the...
S&P Report: Property Catastrophe Reinsurance Shows Good Year, Despite Higher Losses
May 13 2004 // Despite higher insured catastrophe losses in the U.S. in 2003, companies writing property catastrophe reinsurance realized very strong operating performance, according to a report published by Standard & Poor’s...
Fla. Measure to Increase Availability of Homeowners Insurance Becomes Law
May 12 2004 // A measure designed to increase the availability of homeowners insurance and improve Florida’s ability to recover financially from catastrophic hurricanes through improvements to Florida’s Hurricane Catastrophe...
RMS U.S. Hurricane Model Re-Certified by Fla. Commission in Establishing Residential Rates
May 12 2004 // Risk Management Solutions (RMS) announced that the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) unanimously re-certified the RMS Hurricane model for use in establishing residential insurance rates...
Furst Named Director of CAT Services at RGL – Forensic Accountants and Consultants
May 10 2004 // Mary Furst has been named director of Catastrophe Services at the international forensic accounting firm RGL – Forensic Accountants and Consultants. As director of Catastrophe Services, Furst will oversee the...
AIA Informs N.Y. Legislators on Need to Extend TRIA
May 7 2004 // Congress needs to extend the Terrorism Risk Insurance Act (TRIA) in 2004 to avoid confusion and dislocation in the commercial insurance market, the American Insurance Association told a New York State Assembly hearing...
