Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
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...
ACIC Recommends Homeowners Review Insurance Coverage as Wildfire Season Begins
May 7 2004 // With wild fires raging once again, the Association of California Insurance Companies encouraged homeowners to inventory their possessions and review and update their insurance policies. “It appears that California...
Questions of Coverage for Terrorism
May 6 2004 // It seems like almost every day there is a major news story concerning a terrorist act in the Middle East, Europe, or Asia. While the United States has been largely immune to the almost daily attacks of domestic terrorism...
Tenn. Senators Announce $10.9 Million in HUD Disaster Assistance on Tornado Anniversary
May 6 2004 // U.S. Senators Bill Frist (R-Tenn.) and Lamar Alexander (R-Tenn.) this week announced that the City of Jackson will receive $10.9 million from the Department of Housing and Urban Development to help rebuild public housing...
October Wildfire Survivors File Class Action Suit Against Insurance Companies
May 5 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...
IINC: Half of California Homes Face Wildfire Dangers
May 5 2004 // More than half of California’s 12.5 million homes face wildfire dangers that pose a financial loss potential well in excess of $106 billion, according to state fire statistics. California Department of Forestry...
PCI Cites ISO Action as Supporting TRIA Renewal
May 4 2004 // The Property Casualty Insurers Association of America has issued a comment citing the call by the Insurance Services Office, Inc. (ISO) to ask state regulators to approve conditional commercial policy contract language...
ISO Files Conditional Terrorism Policy Endorsements
May 3 2004 // Insurance Services Office Inc. (ISO) has asked state regulators to approve conditional commercial policy contract language to address terrorism coverage should Congress not extend the federal terrorism insurance backstop...
U.S. Treasury Department Selects Benfield’s Paragon to Administer Terrorism Risk Insurance Program
Apr 29 2004 // Independent reinsurance intermediary Benfield announced that the U.S. Treasury Department has selected its subsidiary, Paragon Strategic Solutions Inc., a provider of reinsurance administration and asset recovery services,...
RMS Study Shows Risk From CAT Events for WC, Life, Health Insurers
Apr 29 2004 // Risk Management Solutions Inc. (RMS), a provider of products and services for catastrophe risk management, released the findings of an in-depth study that provides workers’ compensation, life, and health insurers...
