Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
21st Century Files Suit Relating to Fraudulent Claims
Dec 18 2002 // In response to a flood of insurance fraud relating to homeowners and earthquake insurance, 21st Century Insurance has filed a civil complaint against California-based Unlimited Adjusting Company and its principal Jung Ho...
Alliance, NAII Host Meeting on Terrorism Risk Act Implementation
Dec 16 2002 // The success of the newly enacted federal Terrorism Risk Insurance Act hinges on how smoothly the implementation process will be for insurers faced with a number of compliance issues. Enactment of the new legislation...
RAND, Risk Management Solutions Form Alliance to Study Terror Risk, Compensation
Dec 16 2002 // RAND and Risk Management Solutions (RMS) have formed a partnership to create a research center at RAND to study the risk of terrorism and how to compensate victims of terrorism. The center’s goal will be to support...
Carriers Scramble to Comply with Terrorism Risk Insurance Act
Dec 16 2002 // The Terrorism Risk Insurance Act finally became law Nov. 26 after more than a year of pitched congressional wrangling, and many insurers are finding themselves with remarkably little time in which to comply with the new...
A Year for Reflection and Reaction
Dec 16 2002 // As the end of 2002 nears, it is the time to look back over the past year and to reflect on the major events in this chaotic year. Any consideration of 2002 must consider the tumultuous reaction to the Sept. 11 terrorist...
What Will 2003 Bring for the Industry’
Dec 16 2002 // History will always view 2001 by what happened in 100 minutes, changing how we as a society view security and how we as an industry view risk. The year 2002 will be judged by what didn’t happen. The industry...
What Will 2003 Bring for the Industry’
Dec 16 2002 // History will always view 2001 by what happened in 100 minutes, changing how we as a society view security and how we as an industry view risk. The year 2002 will be judged by what didn’t happen. The industry...
A Year for Reflection and Reaction
Dec 16 2002 // As the end of 2002 nears, it is the time to look back over the past year and to reflect on the major events in this chaotic year. Any consideration of 2002 must consider the tumultuous reaction to the Sept. 11 terrorist...
Carriers Scramble to Comply with Terrorism Risk Insurance Act
Dec 16 2002 // The Terrorism Risk Insurance Act finally became law Nov. 26 after more than a year of pitched congressional wrangling, and many insurers are finding themselves with remarkably little time in which to comply with the new...
AAI Pleased With Early Action by Treasury, NAIC on Terrorism Insurance
Dec 10 2002 // The Alliance of American Insurers (AAI) says it is pleased with the initial steps taken by the U.S. Department of the Treasury in the implementation of the terrorism insurance legislation signed by the President...
Morris, Manning & Martin Forms Terrorism Insurance Group
Dec 9 2002 // The law firm of Morris, Manning & Martin, LLP, has established a new practice group focusing on terrorism’s impact on the insurance industry. Attorneys in the group will closely monitor and advise clients on the...
A.M. Best Assigns A- (Excellent) Rating to CEA
Dec 9 2002 // A.M. Best Co. has assigned an initial Financial Strength Rating of A- (Excellent) to the California Earthquake Authority. The rating reflects the unique role the CEA serves in ensuring that insurance coverage for losses...
ISO Files Policy Forms and Rules for Insurers to Meet Terrorism Coverage
Dec 6 2002 // Insurance Services Office, Inc. (ISO) has filed with all state insurance regulators the commercial insurance policy forms carriers can use to sell terrorism coverage. The new ISO-developed forms contain standardized policy...
NAII Praises Treasury’s Quick Action on Terrorism Guidance
Dec 5 2002 // The Treasury Department has announced interim guidance for the insurance industry in meeting certain requirements under the Terrorism Risk Insurance Act of 2002. Treasury Under Secretary Peter Fisher, joined by Terri...
ISO Says Insurers’ Losses from Seven-State Tornado Damage Stand at $460M
Dec 4 2002 // Insurers are expected to pay homeowners and businesses $460 million for insured-property losses from the rash of tornadoes, strong thunderstorm winds and hail that struck seven states on Nov. 9-10, according to preliminary...
NAIC Adopts Terrorism Bulletin One Week Prior to San Diego Meeting
Nov 29 2002 // In an interim meeting this week, the National Association of Insurance Commissioners (NAIC) adopted a bulletin that outlines regulators’ expectations regarding filing of rates, policy form language and disclosure...
China Extends Airline Terrorism Coverage
Nov 26 2002 // The Chinese government announced on Monday that it was extending insurance coverage of war and terrorist risks for the country’s airlines for an additional month, until December 24, 2002. The coverage was first made...
AIR Releases New Models for the Asia-Pacific Region
Nov 26 2002 // AIR Worldwide Corporation (AIR), one of the leading providers in catastrophe modeling and weather risk management, announced the release of new typhoon and earthquake models for the Asia-Pacific region. “The new...
Pres. Bush Signs Terrorism Risk Act into Law
Nov 26 2002 // President George W. Bush signed into law, H.R. 3210, the Terrorism Risk Insurance Act of 2002, Tuesday. “Since its introduction, the Terrorism Risk Insurance Act, has gone over a lot of tough hurdles. Had it not been...
CIAT Views Backstop to Increase Availability, Reduce Cost of Terrorism Risk Coverage
Nov 26 2002 // The Coalition to Insure Against Terrorism (CIAT) announced its support with Tuesday’s signing by President George W. Bush of the Terrorism Risk Protection Act of 2002. Spokesperson Martin DePoy, vice president for...
