Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
S&P’s: Little Ratings Cheer for Insurers in Terror Law
Nov 26 2002 // The newly mandated adoption of terrorism risk by commercial property/casualty insurers in the U.S. casts a shadow on ratings prospects, compounding Standard & Poor’s negative outlook on the industry, according...
RMS ESTIMATES WINDSTORM JEAN-ETT CAUSED MAJOR FINANCIAL IMPACT
Nov 25 2002 // California-based Risk Management Solutions Inc. (RMS), announced that the windstorm, designated Jeanett, which has hit the U.K., France, and the rest of northern Europe in late October, could cause up to 1 billion Euros...
Public Entities: A Specialized Niche
Nov 25 2002 // Take the hard market, combine it with the Sept. 11 tragedy, and mix those two ingredients into an already intricate and compound underwriting process and you’ve got yourself the public entities marketplace. Ask any...
Public Entities: A Specialized Niche
Nov 25 2002 // Take the hard market, combine it with the Sept. 11 tragedy, and mix those two ingredients into an already intricate and compound underwriting process and you’ve got yourself the public entities marketplace. Ask any...
NAII Praising Senate for Including Risk-Sharing Mechanisms in Terrorism Reinsurance Bill
Nov 22 2002 // The Senate’s recent approval of H.R. 3210, the Terrorism Risk Insurance Act of 2002, puts the bill on the desk of President Bush, who is expected to sign the legislation Dec. 2. The new legislation creates a...
Fitch Says Terrorism Bill a Mix Blessing for U.S. Insurers
Nov 22 2002 // Fitch Ratings commented that while the passage of a much anticipated terrorism insurance bill is overall a favorable development for the U.S. economy, and benefits the insurance industry, the passage of the bill will...
AAI Lauds Senate Approval of Terrorism Legislation
Nov 20 2002 // Alliance of American Insurers President Rodger Lawson, is praising Tuesday’s Senate passage of the Terrorism Risk Protection Act Conference Report, HR 3210, as “another important step on the road to insurance...
Aon Unveils Two New Workers Comp Models for Earthquakes and Terrorism + James Bond
Nov 18 2002 // Aon Corp.’s subsidiary, Aon Re Inc., has unveiled two timely new models for workers’ compensation catastrophes. One covers all significant U.S. earthquake regions, and the second analyzes terrorism exposures...
NYC Comptroller, AAI Square off over High Rates
Nov 15 2002 // New York City Comptroller William Thompson Jr. announced the release of a survey showing drastic increases in commercial insurance premiums since Sept. 11, 2001, “One Year Later: The Effects of 9/11 on Commercial...
IIABA Commends House Approval of Terrorism Insurance Legislation
Nov 15 2002 // The Independent Insurance Agents & Brokers of America (IIABA) commends House leaders for working cooperatively to pass terrorism insurance legislation yesterday, and urges the Senate to immediately follow suit and...
Midland Ups Estimates of Losses from Hurricane Lili
Nov 14 2002 // The Cincinnati-based Midland Company announced that it has reevaluated the projected impact of losses from Hurricane Lili on its October underwriting results for its American Modern Insurance Group subsidiary. It now...
Tornado Losses in Tenn., Ohio and Other Eastern States Expected to Be $290M
Nov 14 2002 // The tornadoes that swept across the eastern United States this past weekend could cost insurers $290 million – making it one of the top five costliest tornado events, according to the Insurance Information Institute...
AIR Earthquake Engineer To Lead Reconnaissance Team to Italy
Nov 13 2002 // Boston-based AIR Worldwide announced that the company’s manager of engineering analysis, Dr. Paolo Bazzurro, has been selected to lead a group of engineers organized by the Earthquake Engineering Research Institute...
I.I.I. Provides Tornado Information, Insurer Hot-Lines
Nov 13 2002 //
5 Die in Ohio as Tornadoes Ravage U.S. Heartland
Nov 12 2002 // Five persons were reportedly killed by the tornadoes that struck Ohio on Sunday night and Monday morning. The storms were part of a system that caused waves of death and destruction throughout the U.S. heartland from...
Airlines Look to Provide Their Own War and Terrorist Coverage
Nov 11 2002 // More than a year after Sept. 11, the U.S., the European Union (EU) and many other countries are still working on ways to provide adequate insurance coverage for their air carriers. While several plans have been suggested,...
Federal Terrorism Backstop a Good Public/Private Fit
Nov 11 2002 // Benjamin Franklin wore many hats: statesman, inventor, publisher—even firefighter. In fact, it was his experience fighting fires that made him realize the need to pool financial resources to protect properties and found...
Airlines Look to Provide Their Own War and Terrorist Coverage
Nov 11 2002 // More than a year after Sept. 11, the U.S., the European Union (EU) and many other countries are still working on ways to provide adequate insurance coverage for their air carriers. While several plans have been suggested,...
Federal Terrorism Backstop a Good Public/Private Fit
Nov 11 2002 // Benjamin Franklin wore many hats: statesman, inventor, publisher—even firefighter. In fact, it was his experience fighting fires that made him realize the need to pool financial resources to protect properties and found...
RMS Update Shows European Windstorm Damages Climb Upward
Nov 5 2002 // Risk Management Solutions, Inc. (RMS) has updated its estimate of damages and insured losses from Windstorm Jeanette, originally released on Oct. 30. RMS now estimates that total damages from the storm, which impacted...
