Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
PCI to Testify at Md. Hurricane Claims Briefing
Jan 26 2004 // The Property and Casualty Insurers Association of America and two of its member companies are scheduled to testify at Tuesday’s legislative briefing in Maryland on insurance aspects related to Hurricane Isabel. PCI...
Natural Disasters More Severe and More Costly
Jan 26 2004 // According to a recently released report from Munich Re, fatalities caused by natural catastrophes were up 450 percent in 2003, while insured losses reached $15 billion. More ominous was the reinsurer’s conclusion...
Catastrophes Set the Stage for the Marine Insurance Marketplace
Jan 26 2004 // Marine insurance suffered its worst year on record in 2002, and while 2003 showed some minor improvement, it too suffered more that its fair share of catastrophes. The most notable of catastrophes in the marine marketplace...
Conference Attendees Told TRIA Needs Careful Examination by Insurers
Jan 23 2004 // Insurers will have to make tough public policy decisions regarding whether the Terrorism Risk Insurance Act (TRIA) should be extended beyond its sunset date of Dec. 31, 2005, attendees at the ExecuSummit Conference in New...
RMS Terrorism Risk Management Tools Aiding Insurers in Responding to New Best Questionnaire
Jan 23 2004 // Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, affirmed that its products can assist insurers in responding to the newly issued Supplemental Rating...
Commissioner Garamendi Cautions Californians On Eve of Northridge Earthquake 10th Anniversary
Jan 20 2004 // On the eve of the 10th anniversary of the Northridge Earthquake, Commissioner John Garamendi recommended that safety steps be taken immediately by home and business owners to protect their lives and investments in the case...
AIR Adds European Windstorm Model to System
Jan 20 2004 // Boston’s AIR Worldwide Corporation announced that its Extratropical Cyclone Model for Europe has been incorporated into CLASIC/2, AIR’s detailed risk modeling software system. “The model, which...
10th Anniversary of Northridge Earthquake Remembered
Jan 15 2004 // As the tenth anniversary of the Northridge earthquake approaches, Californians are constantly reminded that the ground in this state shakes 24-7, 365 days a year. The Northridge earthquake struck on Jan. 17, 1994. In less...
RMS Risk Analysis for European Windstorm Losses Covers Electricity Transmission and Distribution
Jan 14 2004 // California-based Risk Management Solutions (RMS), a leading provider of products and services for the management of catastrophe risk, announced that it has performed the risk analysis for the Pylon Ltd. securitization...
ACE Tempest Reinsurance Ltd. First to Integrate AIR’s Catastrophe Loss Modeling Technology for its Underwriting Software
Jan 13 2004 // ACE Tempest Reinsurance Ltd. (ACE Tempest Re) and AIR Worldwide Corporation (AIR) announced the first implementation of an innovative toolset, CATools, which reportedly significantly increases the efficiency of the...
Anniversary of Northridge Quake Prompts Physical, Fiscal Preparedness
Jan 9 2004 // Few people can forget the devastation of the Northridge earthquake, but for some, it’s all too easy to overlook how a major earthquake can leave personal finances in shambles. The Northridge quake caused more than...
Terrorist Threats Disrupt Holiday Flights
Jan 2 2004 // The elevated terrorist threat levels decreed by the Homeland Security Department and the U.S. Transportation Security Administration, coupled with repeated warnings from the FBI, combined to disrupt trans-Atlantic air...
Munich Re 2003 Catastrophe Study – Fatalities up 450 Percent; $15 Billion Insured Losses
Dec 30 2003 // Munich Re has released its analysis of natural catastrophes in 2003 and concluded that economic and insured losses continue to increase at a high level. Preliminary portions of the study had been presented at the recent...
Geotrac’s Newest Database Indicates High-Risk Earthquake Areas for Industry
Dec 24 2003 // While nobody has the capability to predict earthquakes, Geotrac’s newest database of natural hazard variables shows that the Paso Robles’ area, hit by yesterday’s earthquake, has a high annual risk...
P/C Industry’s Net Income Surges, But Slowing Premium Growth May Hamper Further Progress, Report Says
Dec 23 2003 // According to a report released by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers, the U.S. property/casualty industry’s net income after taxes increased to $21.1 billion...
Insurance Information Institute Unveils Earlybird Forecast for 2004
Dec 18 2003 // Each year the Insurance Information Institute invites a panel of Wall Street stock analysts and industry professionals to review the prospects for the industry in the current and coming year. The survey reveals that the...
Terrorism: The Issue of the Moment at Dallas All Industry Day
Dec 15 2003 // “Dirty bomb” was the phrase of the day at the All Industry Day held Nov. 25 in Dallas—perhaps not so surprising, given the fact the conference was titled, “Confronting Terrorism, Not If But...
ACE USA Makes Available Mandatory Evacuation Product
Dec 10 2003 // ACE USA, the U.S.-based retail operations of the ACE Group of Companies, has introduced ACE EVAC, a new insurance product that provides coverage for businesses in U.S.-based coastal areas that incur business losses from a...
Horace Mann Estimates Impact of Calif. Wildfires; Lowers 2003 Earnings Estimate
Dec 9 2003 // Illinois-based Horace Mann Educators Corporation estimates its policyholder claims from wildfires in Southern California will total approximately $12.5 million pretax. Reflecting anticipated recoveries from the...
ACE USA Appoints Wise to Lead Terrorism Underwriting Unit
Dec 4 2003 // ACE USA announced the appointment of William Wise, vice president, to lead its stand-alone Terrorism Underwriting Unit. Based in Philadelphia, Wise will have overall responsibility for the marketing and underwriting...
