Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Insdustry Responds to Calif. Wildfires
Nov 17 2003 // The most devastating wildfires in California history have been fully contained, but the numbers reveal a destruction of staggering proportions: statewide, 740,000 acres have been scorched; more than 3,600 homes and the...
Allstate Announces Estimate of California Wildfire Losses
Nov 14 2003 // The Allstate Corporation announced that its pre-tax catastrophe losses related to the California wildfires, which began on Oct. 21, 2003, are preliminarily estimated to be between $290 and $330 million, $190 and $215...
S&P Comments on Calif. Wildfire Aftermath
Nov 12 2003 // The biggest wildfire in U.S. insurance history will neither undermine insurance ratings nor prompt a pricing surge in homeowners’ coverage in the state, according to the most recent research by Standard &...
IIAD’s All Industry Day to Feature Town Hall Meeting on Terrorism
Nov 12 2003 // The Independent Insurance Agents of Dallas announced it will hold the annual All Industry Day on Nov. 25. The event, “Confronting Terrorism, Not If, But When,” is sponsored by state and local insurance...
Moody’s: Wildfires Will Hurt Insurers’ Bottom Line
Nov 12 2003 // Moody’s Investors Service said in a statement that it does not expect its ratings or outlook on the U.S. personal lines insurance sector as a whole to be impacted solely by the recent spate of California...
Allstate Foundation Establishes $1 Million Wildfire Relief Fund
Nov 10 2003 // The Allstate Foundation joined with The California Community Foundation (CCF) to establish a $1 million fund to aid in the recovery and rebuilding efforts in response to the Southern California wildfire...
III: Calif. Wildfires Worst Ever, Losses Expected to Exceed $2 Billion
Nov 10 2003 // Surveys of the insurance industry have confirmed a total of 7,260 claims filed from the Southern California firestorms as of 4 p.m., Wednesday, Nov. 5, according to the Insurance Information Institute. Reports of up to...
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...
