Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
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...
ISO Reports Insurers’ Q3 CAT Losses Estimated At $2.9 Billion
Oct 14 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 period —...
NYSID Reviews N.H. Terrorist Coverage
Oct 13 2003 // New York’s Superintendent of Insurance Gregory Serio announced that a review of terrorism coverages offered by New Hampshire Insurance Company to brownstone property owners has resulted in an agreement with the...
NJCRIB Notes Complaints on AIG Terrorist Risk Charges
Oct 9 2003 // New Jersey’s Compensation Rating and Inspection Bureau has released an advisory bulletin noting that it has “been receiving complaints from agents and insureds that the AIG companies have been applying a...
Vesta Names Executive VP., Updates Hurricane Isabel Losses
Oct 7 2003 // Alabama-based Vesta Insurance Group, Inc. announced that Thomas Mangold, has been elected executive vice president. Mangold, in addition to his new role as an executive officer of the holding company, will continue his...
INSURERS SUE TERROR SUPPORTERS FOR 9/11 LOSSES
Oct 6 2003 // Dozens of insurance companies, acting as members of five large insurance groups—Chubb, American Re, Zurich American, One Beacon and Crum & Forster—have filed a lawsuit in two cities against Al Qaida and other...
Travelers Estimates $75 Million Loss from Hurricane Isabel
Oct 3 2003 // Travelers Property Casualty Corp. announced that its preliminary estimate for catastrophe losses resulting from Hurricane Isabel is approximately $75 million, after reinsurance and tax, based on approximately 33,000 claims...
Canadian Insurers Handling Hurricane Claims
Oct 2 2003 // The Insurance Bureau of Canada has issued a bulletin reassuring consumers that their property insurance will respond to storm-related damage caused by Hurricane Juan, which struck Nova Scotia and Prince Edward Island last...
$14.5 Billion First Half Profit for P/C Industry
Sep 30 2003 // The U.S. property/casualty industry’s net income after taxes rose to $14.5 billion in first-half 2003 from $4.4 billion in first-half 2002, as both underwriting and investment results improved, according to Insurance...
Safeco Strengthens WC Reserves; Announces Estimates of Hurricane Isabel Losses
Sep 30 2003 // Following the completion of a previously announced review, Safeco strengthened reserves for workers’ compensation, affecting third-quarter financial results by $0.96 per diluted share. Safeco increased loss reserves...
Hurricane Juan Hits Canada’s Maritime Provinces
Sep 29 2003 // Hurricane Juan, a category 2 storm on the Saffir/Simpson scale with sustained winds of around 80 mph (130 kph), slammed into Nova Scotia and Prince Edward Island early this morning, bringing heavy rains and storm surge...
Industry Adopting Enhanced RMS Risk Models for U.S. Catastrophe Risk
Sep 26 2003 // Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, announced that its new third generation earthquake and hurricane models for the United States are being adopted...
MapInfo Launches RiskDataInfo
Sep 24 2003 // MapInfo Corp. announced the availability of RiskDataInfo, a comprehensive data set of weather and natural hazards for its Insurance Decision Solution Suite (IDSS), the company’s industry-leading insurance...
RMS Updates Insured Loss Estimate for Hurricane Isabel to $600M
Sep 24 2003 // Risk Management Solutions (RMS) released a revised loss estimate of $600 million for wind-related claims from Hurricane Isabel, updating its initial estimate of $500 million released on Sept. 17. The company also reported...
Claims From Isabel Expected to Approach $1 Billion
Sep 22 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 storm,...
RMS Estimates Industry Losses of $500M from Hurricane Isabel
Sep 18 2003 // Risk Management Solutions (RMS) projected that Hurricane Isabel could cause insured losses in the $500 million range if the storm continues on its current track toward Cape Lookout in North Carolina. If the storm makes...
Terrorism Still a Concern, Alliance Says
Sep 18 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...
Check Home Cover in Path of Isabel
Sep 17 2003 // Property owners on the Atlantic seaboard who are bracing themselves for Hurricane Isabel should check their insurance coverage and take some basic precautions to secure their homes or businesses, advised the National...
The Hartford Details Hurricane Safety Precautions
Sep 16 2003 // The Hartford Financial Services Group has issued a bulletin warning home and business owners to take precautionary steps to prevent injury and minimize potential damage from Hurricane Isabel, which may threaten states...
