Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Midwest Tornadoes Cause at Least $325 Million in Insurance Losses
May 8 2003 // Tornadoes that swept across Arkansas, Kansas, Missouri, Nebraska, South Dakota and Tennessee earlier this week could cost insurers at least $325 million — making it one of the top five costliest tornado events, according...
ISO: Midwest Tornadoes are an Insurance Catastrophe
May 7 2003 // Even though preliminary figures are not even available yet, the Insurance Services Office Inc. has labeled the tornadoes that hit 14 Midwestern states an insurance catastrophe, meaning that insured damages are expected to...
Terrorism
May 5 2003 // Nuts & Bolts: ACE USA announced terrorism-related products providing broader solutions for U.S.-based clients. The new offering addresses coverage gaps created by the Terrorism Risk Insurance Act (TRIA), including...
ISO Tech Conference to Explore Terrorism, Mold, Med-Mal, ID Theft
May 5 2003 // The Insurance and Technology Conference, sponsored by Insurance Services Office, Inc. (ISO), will be held Nov. 2-4 at the Disneyland Hotel in Anaheim. Dr. James Canton, futurist and author, will be the keynote speaker,...
Death Toll Rises in Turkish Earthquake
May 2 2003 // More than 100 people have reportedly died and many more are missing following the earthquake that struck a mountainous region of Eastern Turkey early Thursday morning. Rescue efforts were centered on a local school in the...
Chubb Notes Record 1stQ Net Income of $224.6M
May 1 2003 // The Chubb Corporation reported that net income in the first quarter of 2003 was a record $224.6 million, a 13.3 percent increase over net income of $198.2 million in the first quarter of 2002. Net income per share...
WASH. STATE WC TO INCLUDE ACTS OF TERRORISM
May 1 2003 // Washington taxpayers and the State Fund will get significant financial relief from the federal government in the event of an act of terrorism that results in catastrophic losses to the workers’ compensation system....
GE Commercial to Headline Oklahoma Seminar
Apr 21 2003 // Commercial property insurance and risk management provider GE Commercial Insurance announced it will be the key presenter at an upcoming building safety and security symposium in Oklahoma City. The two-day symposium, April...
ABS EQECAT TO HOLD 2003 EUROPEAN CATASTROPHE MANAGEMENT SUMMT IN BARCELONA
Apr 21 2003 // Oakland-based EQECAT, Inc. announced that its 2003 European Catastrophe Management Summit will take place on June 24-27 at the Hotel Princesa Sofia InterContinental in Barcelona, Spain. “This year the European Summit...
Institute President Reacts to Full Year 2002 Results
Apr 18 2003 // The property/casualty industry reported a statutory rate of return of 1.0 percent in 2002, up from the worst-ever negative 2.4 percent recorded in 2001. The results were released by the Insurance Services Office, Inc....
German Gov’t Denies Lufthansa Terrorist Coverage
Apr 18 2003 // The German government recently announced it would not give state aid to Deutsche Lufthansa AG in the event of a terrorist attack, according to Dow Jones Newswires. The Finance Ministry cited insurers’ present...
P/C Industry’s Surplus Falls Despite Improvement in Net Income After Taxes
Apr 17 2003 // The property/casualty insurance industry’s statutory surplus dropped $4.4 billion to $285.2 billion at year-end 2002 from $289.6 billion at year-end 2001. Surplus declined despite improvement in the industry’s...
Taking a look at 2002 Results
Apr 17 2003 // The property/casualty insurance industry reported a statutory rate of return of 1.0 percent in 2002, up from the worst-ever negative 2.4 percent recorded in 2001. The results were released by the Insurance Services Office,...
Hiscox Notes Increased Demand for Terrorism Coverage
Apr 7 2003 // The U.K.’s Hiscox Plc, a leading London market insurer, partly owned by Chubb Corp., has reportedly seen an increase in the demand for coverage of terrorist related risks by small and medium-sized U.S. companies...
SWISS RE SIGMA STUDY PUTS 2002 CAT LOSSES AT $13.5B
Apr 7 2003 // A new Swiss Re sigma report, “Natural catastrophes and man-made disasters in 2002,” estimates the cost to the industry at $13.5 billion, $1.5 billion more than the company’s preliminary estimates released...
Property/Casualty Insurance: An Industry in Recovery’
Apr 7 2003 // Following the property/casualty industry’s net loss after taxes in 2001, many analysts predicted 2002 would be the year of recovery. In fact, strong premium growth and sharply lower catastrophe losses did lead to...
Property/Casualty Insurance: An Industry in Recovery’
Apr 7 2003 // Following the property/casualty industry’s net loss after taxes in 2001, many analysts predicted 2002 would be the year of recovery. In fact, strong premium growth and sharply lower catastrophe losses did lead to...
NAMIC Comments on Interim Rules of Terrorism Risk Ins. Act
Apr 3 2003 // The National Association of Mutual Insurance Companies (NAMIC) submitted comments this week to the Department of Treasury on the first round of interim final regulations of the Terrorism Risk Insurance Act (TRIA). The...
NAII Comments on Terrorism Risk Ins Act Interim Final Rule
Apr 2 2003 // The National Association of Independent Insurers (NAII) submitted comments on the interim final rule implementing the Terrorism Risk Insurance Act. “NAII appreciates the efforts of the Treasury Department in issuing...
Alliance Hails Minn. Action on Standard Fire Policy
Apr 2 2003 // The Alliance of American Insurers is urging Minnesota’s governor to sign into a law a measure that will go a long way toward stabilizing the state’s commercial insurance market. The bill (House File 267) passed...
