Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
New AIR Estimation Model Helps Insurers Price Terrorism Risk
Jan 27 2003 // In an effort to help property/casualty carriers racing to price and offer terrorism coverage after the passage of the Terrorism Risk Insurance Act, AIR Worldwide Corporation has introduced a new estimation model, the...
AAI Says It Is Pleased with Third Interim Guidance on Terrorism Insurance
Jan 24 2003 // The Alliance of American Insurers (AAI) reports it is pleased with the U.S. Treasury Department’s third set of guidelines to help insurers comply with the Federal Terrorism Risk Insurance Act of 2002. Issued Jan. 22,...
AIA Conference Explores Challenges of Terrorism Ins. Law
Jan 23 2003 // Top government officials, along with insurance industry experts and leaders, kicked off an American Insurance Association (AIA) conference this week focused on the recently enacted Terrorism Risk Insurance Act of...
WCIRB Releases Summary of Terrorism Loss Cost Estimates for 11 States & D.C.
Jan 23 2003 // The California Workers’ Compensation Insurance Rating Bureau (WCIRB) has prepared and released a summary of loss cost estimates for 11 states and the District of Columbia that were published by the NCCI based on the...
WCIRB Releases Summary of Terrorism Loss Cost Estimates for 11 States & D.C.
Jan 22 2003 // The California Workers’ Compensation Insurance Rating Bureau (WCIRB) has prepared and released a summary of loss cost estimates for eleven states and the District of Columbia that were published by the NCCI based on...
Calif. WCIRB To Study Terrorism Costs
Jan 20 2003 // The Calif. Workers’ Compensation Insurance Rating Bureau (WCIRB) Governing Committee authorized the WCIRB to pursue developing estimates of potential terrorism losses for California. The estimates will be based upon...
AAIS To File Endorsements Excluding Non-Certified Terrorism Losses
Jan 17 2003 // The American Association of Insurance Services (AAIS) is initiating state-by-state filings of commercial lines terrorism endorsements excluding losses arising from “non-certified” acts of...
Calif. WCIRB To Study Terrorism Costs
Jan 17 2003 // The Calif. Workers’ Compensation Insurance Rating Bureau (WCIRB) Governing Committee authorized the WCIRB to pursue developing estimates of potential terrorism losses for California. The estimates will be based upon...
Calif. Commissioner Appeals Northridge Earthquake Settlement Decision
Jan 14 2003 // Citing his responsibility to seek every legal remedy on behalf of California consumers and Northridge earthquake victims, California Insurance Commissioner John Garamendi filed to appeal court decisions upholding...
Oxley Forecasts Insurance Issues Awaiting the 108th Congress
Jan 13 2003 // For more than a year, the issue of federal backstop legislation for terrorism risk has dominated Congress’ attention when it comes to insurance industry issues. Now that the Terrorism Risk Insurance Act has been...
RMS Estimates Losses from Recent European Windstorm Could Reach $940 Million
Jan 9 2003 // California’s Risk Management Solutions, Inc. (RMS), a global provider of products and services for catastrophe risk management, announced that overall losses from Windstorm Calvann, which swept through France and...
N.Y. Dept. Issues Guidance on Federal Terrorism Bill
Jan 1 2003 // New York Superintendent of Insurance Gregory Serio has issued guidance to the industry on the Federal Terrorism Bill. Circular Letter 25 of 2002 lays out the applicability, guidelines, and compliance procedures for the...
Munich Re Estimates 2002 Insured Losses from Catastrophes at $11.5 Billion
Dec 30 2002 // In a yearly review released today Munich Re calculates the overall economic losses from natural and man-made catastrophes in 2002 at a staggering $55 billion, compared to $35 billion last year. However, the world’s...
SPIR Meets Increasing Demand for Terrorist Cover
Dec 27 2002 // Special Risk Insurance and Reinsurance Luxembourg S.A. (SRIR), established last March by Germany’s Allianz AG, several other European insurers and Bermuda’s XL Capital, offers property and business interruption...
California Earthquake Authority Shuns Offshore Entities
Dec 26 2002 // The California Earthquake Authority decided it will no longer conduct business dealings with U.S. companies that relocate in name only to offshore tax havens. According to the Sacramento Bee, state Treasurer Phil Angelides...
PXRE Concludes $194 Million Catastrophe Reinsurance Deal to Increase Underwriting Capacity
Dec 24 2002 // Bermuda-based PXRE Group Ltd. announced that it has entered into a quota share reinsurance agreement with P-1 Re Ltd. which will provide the company with $194 million in funded reinsurance protection against property...
AAI Pleased with Second Interim Guidance on Terrorism Insurance
Dec 20 2002 // The U.S. Treasury Department’s second set of guidelines to aid insurers in complying with the Federal Terrorism Risk Insurance Act, issued Dec. 18, addresses insurer participation in general, scope of coverage,...
Preliminary Swiss Re sigma Report Confirms 2002 “Below Average” Year for Catastrophe Losses
Dec 19 2002 // Swiss Re has issued some preliminary findings from its forthcoming sigma report on the world’s catastrophes in 2002. Initial estimates show that it was a relatively benign year. Although “19,000 people world...
IIAANY Provides Online Terrorism Insurance Kit to Members
Dec 19 2002 // The Independent Insurance Agents Association of New York Inc. (IIAANY) announced it will offer an electronic kit to member agents explaining how the recently passed Terrorism Risk Insurance Act would affect them. Available...
Weak Investment Results Throw Curve at P/C Insurers’ Recovery at Nine-Month Mark
Dec 18 2002 // Thanks to strong premium growth and lower catastrophe losses, the U.S. property/casualty industry earned $9.3 billion in net income after taxes through nine-months 2002, in sharp contrast to the $2.6 billion net loss...
