Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Calif. Commissioner Allows Insurers to Expand Use of Adjusters for Wildfire Claims
Nov 6 2003 // Calif. Insurance Commissioner John Garamendi released the following statement declaring an Emergency Situation in Southern California due to the wildfires: “Due to the unprecedented destruction caused by Southern...
Selective Group Unveils Q3 Numbers, Notes Favorable Performance
Nov 5 2003 // New Jersey-based Selective Insurance Group, Inc. reported net income of $14.7 million, or $0.53 per diluted share, for the third quarter ended Sept. 30, 2003, up from $11.1 million, or $0.41 per diluted share for the same...
U.S. Marine Insurers Respond to Post-9/11 World of Domestic Security Rules and Regulations
Nov 3 2003 // U.S. ocean marine insurers need to work in partnership with government and all components of the maritime trade in order to meet the challenges of operating in the post-9/11 environment, according to David French,...
Southern California Wildfires Ravage Hundreds of Homes, Property
Nov 3 2003 // Hundreds of homes in Southern California blazed recently as firefighters worked round the clock to contain the out- of-control wildfires that plagued parts of San Bernardino, San Diego, Ventura, and Los Angeles counties....
ISO REPORTS INSURERS’ Q3 CAT LOSSES ESTIMATED AT $2.9 BILLION:
Nov 3 2003 // Insurers are expected to pay $2.9 billion to homeowners and businesses for insured property losses from seven catastrophic events in the third quarter of this year—up more than 300 percent from the year-ago...
Wooley, Kyle Battle for Louisiana’s Top Insurance Job
Nov 3 2003 // And then there were two. That is the scenario for this month’s runoff election (Nov. 15) in the race to be the next insurance commissioner in Louisiana. The Oct. 4 primaries brought the field of candidates down to...
Calif. Commissioner Creates Task Force to Protect Wildfire Victims
Oct 31 2003 // Insurance Commissioner John Garamendi launched two major efforts by the California Department of Insurance (CDI) to protect and aid victims of the Southern California wildfires. Noting that insurance fraud soars after...
S&P Affirms Hannover Re Bermuda ‘AA-‘ Ratings
Oct 30 2003 // Standard & Poor’s Ratings Services announced that it has affirmed the ‘AA-‘ counterparty credit and financial strength ratings on property/casualty insurer Hannover Re (Bermuda) Ltd. (HRB), with a...
Insurance to Cover Most Damage from Calif. Wildfires; ACIC Offering Claims Filing Tips
Oct 29 2003 // Most of the damage from the rash of wildfires ravaging Southern California will be covered under property owners’ homeowners and fire insurance policies, according to the Association of California Insurance Companies...
Chubb Reports Q3 Net Income of $259.8 Million; Premiums Jump 23%, Combined Ratio is 96.6%
Oct 28 2003 // The Chubb Corporation reported that net income in the third quarter of 2003 was $259.8 million or $1.37 per share, compared to a net loss of $242.1 million ($1.42 per share) in the third quarter of 2002. Operating income,...
NAII: Wildfire Damage Estimated at $500 Million
Oct 28 2003 // Most of the damage from the rash of wildfires ravaging Southern California will be covered under property owners’ homeowners and fire insurance policies, according to the National Associaiton of Independent Insurers...
Midland Continues Double-Digit Premium Growth
Oct 24 2003 // Cincinnati-based specialty insurer The Midland Co. reported net income for the third quarter of $4.3 million, or 23 cents per share, including 4 cents in realized capital gains, compared with a net loss of $2.6 million, or...
Half of California Homes Face Wildfire Dangers
Oct 23 2003 // 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 and insurance industry analysis. These...
IPC Holdings Posts Q3 Gains
Oct 23 2003 // Bermuda-based IPC Holdings, a leading provider of property catastrophe and specialized reinsurance, reported net income for the quarter ended September 30, 2003 of $62.1 million, or $1.29 per share, compared to $45.8...
Hearing on Texas Windstorm/Hail Insurance Scheduled
Oct 20 2003 // The Texas Department of Insurance reported it has scheduled a hearing on Oct 29 to consider Docket No. 2577, which concerns approval of the Texas Windstorm Insurance Association’s filing of proposed adjustments to...
Former A&A CEO Traces the Roots of Insurance in New Book
Oct 20 2003 // ormer Alexander & Alexander CEO John A. Bogardus recently released his comprehensive history of the insurance marketplace entitled Spreading the Risks, Insuring the American Experience (ISBN# 1-889274-16X). The...
CLAIMS FROM ISABEL EXPECTED TO APPROACH $1 BILLION:
Oct 20 2003 // U.S. insurers are likely to pay out close to $1 billion to help people whose homes, businesses and personal possessions were damaged by Hurricane Isabel, according to the Insurance Information Institute (I.I.I.). The...
TERRORISM STILL A CONCERN, ALLIANCE SAYS:
Oct 20 2003 // Insurers must begin planning now for the expiration of a federal terrorism insurance backstop program, even though there’s no guarantee that reinsurance will be available if the federal backstop is allowed to expire...
Former A&A CEO Traces the Roots of Insurance in New Book
Oct 20 2003 // Former Alexander & Alexander CEO John A. Bogardus recently released his comprehensive history of the insurance marketplace entitled Spreading the Risks, Insuring the American Experience (ISBN# 1-889274-16X). The...
Donegal Group Notes Improved Results Despite Hurricane Isabel
Oct 16 2003 // Donegal Group Inc. reported its results of operations for the quarter and nine months ended Sept. 30. The company reported net income of $4,001,385, or $.40 per share on a diluted basis, compared to $3,015,676, or $.33 per...
