Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Fitch Reports Fla. Hurricane CAT Fund Upgraded
Aug 4 2004 // The authorized bonding program of the Florida Hurricane Catastrophe Fund (FHCF) has been upgraded to ‘AA’ from ‘A+’. The FHCF provides reinsurance coverage of up to $15 billion per hurricane season,...
North Carolina Coast Takes on Hurricane Alex
Aug 3 2004 // With maximum sustained winds of almost 100 miles per hour, tropical storm-turned-Hurricane Alex is moving along the coast of North Carolina toward the Outer Banks, and local property owners should take some basic...
NAMIC Encourages Legislators to Back TRIA Extension
Jul 30 2004 // Calling terrorism an “uninsurable social risk,” the legal and regulatory affairs director of the National Association of Mutual Insurance Companies (NAMIC) has encouraged the American Legislative Exchange...
Florida Sen. Nelson Unveils Measure to Reduce Hurricane Losses
Jul 27 2004 // U.S. Sen. Bill Nelson of Florida, who helped rebuild the state’s insurance market following Hurricane Andrew, has unveiled legislation aimed at reducing the loss of life and property caused by hurricanes, tornadoes...
ACE USA Unveils Hurricane Spin-down Coverage for Chemical Plants, Refineries, Related Industries
Jul 27 2004 // ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, has introduced hurricane spin-down insurance that can be used by the chemical process industry to help reduce the financial costs of closing...
PCI: Senate Bill Reflects Importance of TRIA Extension to American Economy
Jul 25 2004 // The introduction of a bipartisan Senate bill to extend the Terrorism Risk Insurance Act (TRIA) for two years is encouraging news and demonstrates the widespread understanding among members of Congress that the economic...
AIA: Senate Bill Boosts Momentum to Extend Terrorism Insurance Law
Jul 22 2004 // The introduction of legislation in the Senate on Thursday to extend the Terrorism Risk Insurance Act of 2002 (TRIA) by two years “adds to the momentum for congressional action in 2004, and demonstrates bipartisan...
Safeco Posts Strong Profits in All Major P/C Segments
Jul 20 2004 // Seattle-based Safeco announced strong second-quarter results, reflecting the company’s solid underwriting and the competitive strength of its automated sales platform. In addition, weather-related catastrophe losses...
ISO: INSURERS TO PAY OUT $1.65 BILLION FOR Q2 CAT CLAIMS:
Jul 19 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...
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...
